Japan’s GI market to reach $133.1bn in 2026

Written by Adam Cadle

24/08/2022

Japan’s general insurance market will grow at a compound annual growth rate (CAGR) of 3% from JPY11,155.4bn ($101.6bn) in 2021 to JPY12,920.7bn ($133.1bn) in 2026, in terms of gross written premiums (GWP), driven by a rise in commercial insurance lines, GlobalData has said.

For 2022, the industry is expected to grow by 1.1% after registering a slower growth of 0.4% in 2021.

GlobalData senior insurance analyst Shabbir Ansari said: “The Japanese insurance industry is expected to maintain an upward growth trend during the next five years, supported by large-scale infrastructure projects and demand for cyber risks and Nat-Cat insurance. The profitability of insurers, however, will remain shadowed due to rising inflation.”

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