Despite being a mature market, both the non-life and life sectors in Japan are underprotected.
It is a market of paradoxes.
In the non-life sector, Japan has the world’s largest property protection gap at US$41 billion, according to Swiss Re’s sigma estimates while in the life industry, people do not have sufficient insurance for their long-term care needs.
As the market grapples with these needs, it is also going through a transformation as the regulator pushes on with its mandate to protect policyholders and boost the market’s capability to take on emerging risks.
Market players too have not let up in their efforts to stay on top of their game. With one ear on the ground, they continue to roll out solutions for new risks, but remain acutely aware of the protection gap that exists domestically. Meanwhile, local players are also keeping an eye out for potential acquisition targets as they seek to grow internationally.
Asia Insurance Review speaks to the regulator and select players on the issues of the day.
By Dawn Sit
Mr Hisahito Suzuki
Chairman, General Insurance Association of Japan (GIAJ)
Mr Yoshinobu Tsutsui
Chairman of the Life Insurance Association of Japan (LIAJ);
President, Nippon Life
Mr Robert Noddin
President and CEO, AIG Japan
Mr Daisuke Iwase
President and COO, Lifenet Insurance
Mr Yasuyoshi Karasawa
President and CEO, Mitsui Sumitomo Insurance (MSI)
Mr Christian Kraut
Representative Director and Regional Manager, Munich Re Japan
Mr Steve Arora
Head of Japan, Swiss Re
Mr Tomoatsu Noguchi
President and Chief Executive, Toa Re
Mr Masachika Nishiura
CEO Japan and Representative for Japan, Zurich Insurance