Premium income of life insurers in Japan FY 2012-2021

The premiums income of life insurance companies in Japan amounted to 29.82 trillion Japanese yen in fiscal year 2021, up from 29.2 trillion yen compared in the previous fiscal year.

Life insurance in Japan

Japan is one of the largest life insurance markets worldwide. It is characterized by a high life insurance ownership rate among consumers and an income from life insurance premiums exceeding 30 trillion Japanese yen every year. Life insurance companies face challenges related to the demographic shift and a declining population. While the number of individual life insurance policies has continuously increased in recent years, the value of individual life insurance policies in force has decreased.

Third sector insurance

Given a rising life expectancy and an aging population in Japan, health insurance has become the leading type of new individual life policies issued in recent years. Health insurance and other insurances that cover medical and care expenses, such as cancer insurance, fall under the category of the so-called third sector insurances in Japan. Until 2001, only foreign life insurers were allowed to sell third sector insurance products. As a result of deregulations in the insurance industry, domestic insurers also began to offer third sector insurance.