15th November 2023

Japan life insurance industry to exceed $350bn by 2028-GlobalData
Trend

The Japanese life insurance industry is forecast to grow at a compound annual growth rate(CAGR) of 2% from JPY37.1 tr($289bn) in 2024 to JPY40.2tr($359.5bn) in 2028, in terms of gross written premiums GWP), according to GlobalData.
GlobalData’s Insurance Database reveals that the Japanese life insurance industry is expected to grow by 4.6% in 2023, supported by the revival of agency distribution channels and persistent demand for single premium foreign currency-denominated insurance products. Regulatory intervention in improving agency standards and increasing competition for greater market share in short-term insurance will also support growth over 2024–28.

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