Japan's general insurance industry to reach $93.9bn by 2028
Written by Adam Cadle
27/08/2024
The Japanese general insurance industry is set to grow at a compound annual growth rate (CAGR) of 2.2% from JPY11.7trn ($81.1bn) in 2024 to JPY12.7trn ($93.9bn) in 2028, in terms of gross written premiums (GWP), GlobalData has revealed.
In 2024, the general insurance industry is expected to grow by 1.7%, supported by an increase in the demand for policies covering Nat-cat events.
Sneha Verma, insurance analyst at GlobalData, commented: “Japan's economy went into a recession in early 2024 after witnessing a contraction in the last two quarters of 2023. As a result, the general insurance industry witnessed a decline of 0.5% in 2023 as compared to 3.4% growth in 2022.
“The growth is expected to rebound in 2024, supported by an increase in premium rates across many general insurance lines driven by high inflation and rising claims due to extreme weather events.”
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