Japan’s General Insurance Sector Set to Approach $100 Billion by 2028
Japan’s General Insurance Sector Set to Approach $100 Billion by 2028

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The general insurance sector in Japan is projected to approach $100 billion by 2028, with a compound annual growth rate (CAGR) of 2.2%, increasing from JPY 11.7 trillion ($81.1 billion) in 2024 to JPY 12.7 trillion ($93.9 billion) by 2028. Despite a slight decline of 0.5% in 2023 due to economic recession, a recovery is anticipated in 2024, driven by rising premium rates and heightened demand for natural catastrophe and workmen’s compensation policies. Analysts attribute the industry’s growth potential to ongoing inflation and the increased frequency of extreme weather events prompting higher claims. Motor insurance remains the most significant segment, expected to comprise about 47.5% of general insurance gross written premiums in 2024.

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