Leading non-life insurers in Japan FY 2020, based on net premiums written
In fiscal year 2020, Tokio Marine & Nichido Fire Insurance Co., Ltd. was the leading Japanese non-life insurance company based on net premiums written, achieving a result of approximately 2.26 trillion Japanese yen. It was followed by Sompo Japan Insurance Inc., which recorded a result of about 2.14 trillion yen.
The insurance market can be divided into the categories life and non-life insurance, with non-life insurance also being referred to as general insurance. Despite its large size, the non-life insurance market makes up the smaller share of the total insurance market in Japan. Net premiums written by general insurance companies amounted to more than 8.6 trillion Japanese yen in fiscal year 2019. A breakdown of the net premiums written during that year shows that voluntary automobile insurances made up by far the largest class of business. Due to the constant risk of earthquakes in the country, the ownership ratio of earthquake insurance on dwelling risks policies among households is comparably high in Japan, covering about one-third of households.
The history of the Japanese insurance market is closely tied with the development of the country into a modern state during the Meiji period, which lasted from 1868 to 1912. The first proper Japanese insurers were established during this period, as Japanese elites imported various concepts from overseas in order to modernize the country. While some forms of mutual aid systems existed prior to this time, the first proper insurer was established in 1879 with the founding of the non-life insurance company Tokio Marine. Unlike the development in other Asian countries, the Japanese market never came to be dominated by foreign insurance companies. Although, some foreign insurers have made inroads, particularly since the liberalization of the market in the 1990s. A comparison of general insurance companies by type revealed that out of the 53 general insurance companies that were active in Japan in 2019, 21 were foreign insurers.
The Japanese non-life insurance market
The insurance market can be divided into the categories life and non-life insurance, with non-life insurance also being referred to as general insurance. Despite its large size, the non-life insurance market makes up the smaller share of the total insurance market in Japan. Net premiums written by general insurance companies amounted to more than 8.6 trillion Japanese yen in fiscal year 2019. A breakdown of the net premiums written during that year shows that voluntary automobile insurances made up by far the largest class of business. Due to the constant risk of earthquakes in the country, the ownership ratio of earthquake insurance on dwelling risks policies among households is comparably high in Japan, covering about one-third of households.
The history of insurance in Japan
The history of the Japanese insurance market is closely tied with the development of the country into a modern state during the Meiji period, which lasted from 1868 to 1912. The first proper Japanese insurers were established during this period, as Japanese elites imported various concepts from overseas in order to modernize the country. While some forms of mutual aid systems existed prior to this time, the first proper insurer was established in 1879 with the founding of the non-life insurance company Tokio Marine. Unlike the development in other Asian countries, the Japanese market never came to be dominated by foreign insurance companies. Although, some foreign insurers have made inroads, particularly since the liberalization of the market in the 1990s. A comparison of general insurance companies by type revealed that out of the 53 general insurance companies that were active in Japan in 2019, 21 were foreign insurers.
