Market Insights Financial Insurances Non-life insurances

General Liability Insurance - Japan

Japan

The General Liability Insurance market market in Japan is projected to reach a market size (gross written premium) of ¥€5.34bn in 2024.
The average spending per capita in the General Liability Insurance market market in Japan is estimated to be ¥€43.57 in 2024.
With an expected annual growth rate (CAGR 2024-2028) of 0.74%, the market volume is forecasted to reach ¥€5.50bn by 2028.
In global comparison, the United States is expected to generate the highest gross written premium of €166.7bn in 2024.
The Japanese General Liability Insurance market is experiencing an increased demand due to the country's strict regulations and emphasis on risk management.

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Analyst Opinion

Over the past few years, the General Liability Insurance market in Japan has shown significant growth and development. Customer preferences in Japan lean towards comprehensive coverage that provides protection against a wide range of risks. Japanese businesses and individuals value insurance policies that offer extensive coverage and peace of mind, which has driven the demand for General Liability Insurance in the country. Trends in the market indicate a shift towards digitalization and innovation in product offerings. Insurers in Japan are increasingly leveraging technology to streamline processes, enhance customer experience, and offer more personalized insurance solutions. This trend is reshaping the General Liability Insurance market in Japan, making it more efficient and customer-centric. Local special circumstances in Japan, such as strict regulatory requirements and a risk-averse culture, have influenced the development of the General Liability Insurance market. Insurers in Japan need to adhere to stringent regulations and tailor their products to suit the risk preferences of the local population, which has shaped the market dynamics in the country. Underlying macroeconomic factors, including the overall economic stability and business environment in Japan, have also played a role in the growth of the General Liability Insurance market. As the economy continues to expand and businesses seek to mitigate risks, the demand for General Liability Insurance is expected to remain robust in Japan.

Methodology

Data coverage:

Data encompasses B2B and B2C enterprises. Figures are based on gross written premium, gross written premium per capita, gross claim payments, loss ratio, and distribution channels.

Modeling approach / Market size:

Market sizes are determined by a Bottom-Up approach, based on a specific rationale for each market layer. As a basis for evaluating markets, we use industry associations, national statistic offices, and international organizations, such as OECD. Next we use relevant key market indicators and data from country-specific associations such as insurance consumer spending, gross domestic product, insurance - consumer price index (CPI), population growth. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing and HOLT-linear. The main drivers are insurance consumer spending and insurance - consumer price index (CPI).

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.