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GlobalData is expecting the Japanese insurance market to grow at an average annual rate of 3.9% over the next five years.
Premium volume would jump from 54 300 billion JPY (386.7 billion USD) in 2025 to 63 400 billion JPY (470.3 billion USD) in 2029.
Life insurance is the dominant segment of the Japanese insurance market, accounting for 77.4% of total premiums in 2024. The remaining 22.6% are underwritten by the non-life business.
The sector's development is likely to be underpinned by demographic and regulatory changes, as well as by growing demand for insurance policies covering natural disasters and cyber-attacks.
