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Mar 2024

Report Card on Big Bang - Bitter start but better now

Source: Asia Insurance Review | Mar 2014

Last month’s snowstorms, one of the worst to have struck Japan in decades, serves as a reminder of the country’s exposure to natural catastrophe risk and its consequent effect on supply chains. But while Japan’s insurance sector has recently taken strong hits on its balance sheet from the Tohoku Earthquake and major losses from the Thai floods, the world’s second-largest insurance market, accounting for 20% of global premiums, remains on the up.  
 
The growth seems phenomenal in life, almost doubling the figures for the past two years. It recorded a strong growth of 102% for the full year of 2012 to JPY37.1 trillion (US$364 billion), while the first six months of financial year 2013 ended 30 September 2013 saw life premiums reach JPY17.3 trillion which amounted to a 93% y-o-y growth.
 
In non-life, the industry’s efforts to change the pricing model for motor insurance, reduce costs and improve efficiency through group consolidation bodes good tidings. Premium-wise, it registered a 3.6% growth in 2012 to JPY7.37 trillion. 
We also feature an interview with Japan’s Financial Services Agency as it seeks to put in place a regulatory equivalence to Solvency II, insights from leaders in the market in advancing the cause of insurance in society, M&A prospects of Japanese insurers in 2014 and a 15-year review of the impact of the 1998 Japanese Big Bang in insurance.
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