Mar 2016

Read the latest edition of AIR and MEIR as an Interactive e-book

Country Profile

Japan - Mature yet under-protected

Despite being a mature market, both the non-life and life sectors in Japan are under-protected. It is a market of interesting paradoxes. Asia Insurance Review speaks to the regulator and some key players on the issues of the day.

Japan - Interview with the Regulator: Forging strength from inside-out

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 - General Insurance: A mature market underinsured

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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Japan - Life Insurance: Providing greater peace of mind to society

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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Japan - Intuitive innovation

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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Japan - Cyber: Rocky road to resilience

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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Japan - The New Three Arrows

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 - Insurers hot on M&A pursuit

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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Japan - New rules for solicitation of insurance policies

By Messrs Shinichi Takahashi, Partner, Keita Yamamoto, Counsel, and Yoshihide Matsushita, Associate, at Nishimura & Asahi, Tokyo.