The Japanese non-life insurance market has recorded 8 609 billion JPY ( 79.74 billion USD) in premiums during the fiscal year 2019-2020 ending on 31 March 2020.
The top three non-life insurers (MS&AD Insurance Group Holdings, Sompo Holdings, and Tokio Marine Holdings) alone accounted for 7 524 billion JPY ( 69.69 billion USD) of the premiums, that is 87% of the market's turnover.
The three insurers have adopted similar strategies to target growth opportunities in emerging markets and expand their specialty businesses in developed markets. It should be noted that local insurance companies are becoming more and more active outside Japan.
The non-life insurance market includes 28 non-life insurers who are members of the General Insurance Association of Japan (GIAJ) and 19 members of the Foreign Non-Life Insurance Association of Japan (FNLIA).
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