The world's top policymakers have for the first time taken note of economic issues relating to rapidly ageing populations and shrinking birth-rates which lead to ballooning healthcare costs, labour shortages and financial services for the elderly.
A government council has called on the public to take greater charge of their finances and to plan for their retirement by proactively managing and investing their assets, pointing out that Japan's public pension system is unable to sustain people's livelihoods anymore in a rapidly aging society.
The government is considering introducing a facial recognition system in hospitals to identify patients using tax and social security identification cards, dubbed My Number cards, as health insurance cards, sources have said.
Four major Japanese life insurers reported strong results for the fiscal year ended 31 March 2019, but that asset risk will rise as the four increase their overseas investments, says Moody's Japan K.K.
Sales of foreign currency-denominated savings-type insurance plans in the fiscal year ended 31 March 2019 (FY2018) by five major life insurance companies reached a record high of approximately JPY3.6trn ($33.3bn), an increase of 50% from the previous year.
A consortium has been formed, aimed at encouraging financial institutions, including insurance companies, to make investments based on climate risks.
Japan's public health insurance system is set to cover genomic testing for cancer patients who have not responded to conventional cancer treatments from 1 June onwards, reported The Japan Times citing a recent decision made by the health ministry. Under the new inclusion, patients will only have to pay 10-30% of testing fees.
Top Japanese insurance groups, while announcing earnings results for the fiscal year ended 31 March 2019 (FY2018), have said that they will raise the gross premium for fire insurance in FY2019. The premium increase is mildly credit positive, but it is not likely to be enough to turn current underwriting losses for fire insurance into profit, says Moody's Investors Service.
Bullying, particularly in schools, is becoming a more pressing issue in Japan. In response, Yell, a Tokyo-based insurer, has launched a product which could help to address the situation.
Dutch insurer Aegon has announced an agreement to sell its 50% stake in variable annuity joint ventures in Japan for total cash proceeds of approximately EUR130m ($146m) to its partner Sony Life.