The Japan Financial Services Agency (JFSA) remains confident of its market’s resilience despite facing global headwinds and significant Nat CAT losses in the past year. Hence, its focus is directed squarely on ensuring consumer protection and building a robust financial system, taking into account new risks and trends such as cyber security and FinTech. Messrs Tomoyuki Furusawa, Deputy Director-General, Supervisory Bureau and Takashi Hamano, Assistant Commissioner for International Affairs, elaborate on its mandate.
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Japan has the world’s largest property protection gap at US$41 billion, say Swiss Re sigma estimates. Despite a rising insurance penetration rate in recent years, and the premium growth trend continuing in FY2015, the country still lags behind its developed counterparts. This is an immense opportunity for insurers in the country and will be a significant growth driver for the sector.
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Life insurers see their mission as a social one and are working hard to establish a secure society through the setting up of a sustainable social security system as well as getting people to buy insurance early.
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Innovations and disruptions have taken many industries by storm and the insurance industry is no exception. In Japan, the land of cutting-edge innovation, insurers share their various plans with us.
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Cyber risks continue to grow as a threat everywhere. Japan’s financial services industry has encountered its fair share of cyber breaches and both its regulator and the market are gearing up efforts to combat the evolving threats. Nonetheless, there is more to be done as these risks not only come from within, but from outside of Japan too, caution insurers.
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As Abe’s New Three Arrows aim to create a more dynamic economy, ReMark Japan’s Head of Market, Tetsuya Fujita, says digital development in a recovering economy offers opportunities to those ready and willing to innovate.
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Japan’s major insurers have been actively pursuing M&A abroad for a few years now and the momentum is only expected to pick up.
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By Messrs Shinichi Takahashi, Partner, Keita Yamamoto, Counsel, and Yoshihide Matsushita, Associate, at Nishimura & Asahi, Tokyo.