16 List Insurance Companies in Japan 2019

This site is dedicated to Japan and has all insurance in addition to reinsurance related resources which include although not limited to set of insurance companies, reinsurance firms, brokers, Surveyors, Loss Adjusters, Risk Managers, Alternative party Facilitators (TPAs), Local as well as Global Insurance Institutes, Insurance College or university and Insurance as well as Reinsurance Regulators.

List of Insurance & Reinsurance Companies:

Anicom Pet Insurance
Asahi Life
Dai-ichi Life
Fuji Fire & Marine Insurance
Japan Post Insurance
Meiji Yasuda Life
Mitsui Sumitomo Insurance
Nippon Export and Investment Insurance (NEXI)
Nippon Life
SBI Life Insurance
SOMPO
Sompo Japan Nipponkoa
Sony Life
Sumitomo Life
T&D Holdings
Tokio Marine & Nichido Fire Insurance

Japan: Country Profile

Area: 377,780 square kilometres (142,771 square miles)

Population: 127,692,000

Capital City: Tokyo

People: 98.3% Japanese; 1.7 % other (mostly Chinese or ethnic Korean)

Language: Japanese

Religion(s): 80% of Japanese adhere to more than one religion: Shinto (106.8 million), Buddhism (89.2 million), Christianity (3.0 million), others (9.8 million)

Currency: Yen

Net premiums written for Japan’s property and casualty (P&C) insurance companies totaled 7,957.0 billion yen1 for fiscal 2014, making Japan the world’s fifth largest P&C insurance market2 after the United States, China, Germany and the United Kingdom. Forty-five P&C primary insurance companies currently operate in Japan.

However, the market is actually an oligopoly of three large groups, known as the mega P&C insurance groups, that have a dominant market share of about 90%. It is one of the features of Japan’s P&C insurance market.

(1) Operating Environment

The operating environment of Japan’s P&C insurance industry may well change significantly in the future. Along with concerns that the occurrence of major natural disasters will become the norm, other disruptive and drastic changes are expected including Japan’s declining population and the rapid aging of society, and the exponential innovation of digital technologies and related changes in customer behavior. Looking at demographic change in Japan, the population is forecast to decrease 0.3% to 0.5% annually through 2020. Population decline will further accelerate and will decrease to 75% of the 2010 level by 2050. Over the medium-to-long term, aging and the decline in the working population will be a major issue confronting Japan. At the same time, the size of the digital native generation (the population that grew up with the Internet and personal computers) will increase rapidly. Customer behavior is forecast to change as Generation Y, born from 1980 to 1994, and Generation Z, born from 1995 onward, become core consumers.

2. Sum of Generation Y born from 1980 to 1994, and Generation Z born from 1995

The social significance of the P&C insurance industry is large in this time of change. Sompo Japan Nipponkoa Insurance is a Group that has focused on the insurance business for more than 120 years, and our goal is to contribute to society by supporting “globally active Japanese companies” and “the security, health, and wellbeing of our customers” by providing insurance and related services of the highest quality possible in periods of change. Acutely aware that we need transformation with an eye focused on the uncertainties of the future, we are working to realize sustainable corporate value over the medium and long term.

In May 2016, Sompo Japan Nipponkoa Holdings, Inc., which plans to change its company name to SOMPO Holdings, Inc. on October 1, 2016, formulated a new five-year mid-term management plan as its growth strategy through fiscal 2020. The goal of the plan is realizing the Group Management Philosophy aimed at contributing to the security, health and wellbeing of customers and society as a whole by providing insurance and related services of the highest quality possible. Under the new MidTerm Management Plan, SOMPO Holdings will seek to evolve into a Group that is able to respond firmly and rapidly to disruptive changes in the environment, based on the growth cycle achieved in the previous Mid-Term Management Plan ended fiscal 2015. Aiming to contribute to society by realizing its Group Management Philosophy, SOMPO Holdings will achieve a structural transformation into the best customer service provider based on the theme of “security, health and wellbeing.” At the same time, the Group will steer a course to establish a position where it is able to compete effectively against global players.

(3) Introduction of the Business Owner System and Enhancement of Group Cross-Segment Functions

From April 1, 2016, SOMPO Holdings adopted a new Group management system based on our four core businesses – Domestic P&C Business, Domestic Life Business, Nursing Care & Healthcare Business, and Overseas Insurance Business – and positioned a president/executive officer as the business owner for each of these businesses. We have delegated authority to the business owners for business strategy proposals, investment decisions, and talent development. Under this system, the business segments, which are closer to customers, will cope with major environmental changes through agile decision-making and business execution. Each business will establish and enhance its competitive presence and realize sustainable growth. SOMPO Holdings will realize its centralizing power by establishing a system that strengthens its response to the key challenges the entire Group faces, such as digital strategies, as well as the links among business segments. This will enable the Group to create total support services that contribute to “security, health and wellbeing” and to develop new business, and to expand the scope of its existing business.

(4) Digital Strategy

To enhance the quality of existing businesses, the Group will harness digital technologies to upgrade and expand its customer contact, in addition to providing services that are focused on customers through people. As one of several measures aimed at strengthening cross-functions, the Company established SOMPO Digital Lab in Tokyo and Silicon Valley in the United States in April 2016, as bases for research and development in the field of digital technology. Through this measure, the Company aims to stay ahead of exponential advances in technology and to consolidate the Group’s competitive advantages.

Furthermore, to swiftly execute the Company’s strategies for digital technology, the position of Chief Digital Officer (CDO) was established in the Group in May 2016, and the Company recruited new talent with strong backgrounds in the field of digital technology. The Lab also welcomed Thomas H. Davenport, the world’s top expert on analyzing big data, and other leaders from various industries on board as senior advisors. The goal is not only to streamline operations in each business segment, but to use advanced digital technologies to create new customer contact points, market products to digital natives, research and develop completely new business models, and so forth.

(5) Business Portfolio Transformation

We are transforming our businesses as follows to build a well-balanced business portfolio that enables us to maximize risk diversification effect. We expect to achieve our target of adjusted consolidated profit of 300 billion yen from 2020 onward by reducing the share of the Domestic P&C Business in our business portfolio from 68% for fiscal 2015 to 50% or less when the Group has achieved the target above. Sompo Japan Nipponkoa Insurance, which has the Group’s largest customer base, scale and earnings, will lead the Group in connecting business segments and continuing to create new value for customers to build total support for “security, health and wellbeing.” The Toa Reinsurance Company, Limited — Japan’s Insurance Market 2016 Time needed to send a photo (2 megabyte) reduced from 40 seconds to 0.05 seconds.

Based on the Group’s vision, we will be the most evaluated P&C insurance company and achieve growth accompanied by quality. The Domestic P&C Business, our core business in our home market of Japan, will earn the trust of customers and enhance its profile by growing to contribute to a bright future for the Group. Under the theme for the Domestic P&C Business’s growth strategy of “Valuegenerating innovation – the most evaluated P&C insurance company”, we will implement initiatives for growth.

(1) Future Innovation Project

We will implement a fundamental review of all business processes and improve productivity by reforming and slimming our business processes and system infrastructure to achieve a global top-level company expense ratio when the project is complete.

A. Business process reform

We aim to realize services innovation in our claims payment procedure, which means automating payment of insurance benefits by using a Business Rule Management System (BRMS) and artificial intelligence (AI). In addition, we will eliminate administrative work in sales offices to enable us to reduce sales headcount by about 12%.

B. System and information platform reform

We will create a simple system with advanced technologies and reduce the number of steps to less than half the current level to increase capabilities and speed of development. As a result, we will enable agile product development and shorten product development from seven to two months.

(2) Digital Strategy

We will focus on four important themes in rapidly researching, developing and introducing the latest digital technologies to energetically identify digital technology evolution and related changes in customer behavior.

・ Marketing to digital natives (Generations Y and Z)

・ Creating digital customer contact points (connected service)

・ Improving productivity and business efficiency (cognitive computing)

・ Structuring new business models using digital technology

(3) Product Strategy

We will use leading-edge digital technologies. For instance, Sompo Japan Nipponkoa Insurance has launched “Portable Smiling Road” which is a telematics service for individual users with a "Security" function for giving notification of an accident to us with a single button push in the unlikely event of an accident occurring, and a "Safety" function that performs a driving analysis and provides information in real time to help prevent accidents. These are provided together with a "Comfort" car navigation function.

We will also aggressively invest in R&D (Research and Development) in areas including products and services that address changing customer needs and lifestyles, and take advantage of the individual features of each Group company’s business foundation and model to continue to take on the challenge of creating a new business model for the entire Group.

With Japan facing an aging population and growing life expectancy, Meiji Yasuda Life Insurance Co. last month introduced the first healthcare insurance plan that allows for the enrollment of customers up to 90 years of age.

The insurance company's plans to date had an upper age limit of 80 for entry, but the new plan is available for those aged 50 to 90 -- the very first of its kind. The insurance industry has long targeted working-age customers, but as customers face a "longevity risk" resulting in them not being able to pay their medical fees, the industry is on the verge of a shift in the types of plans it offers.

Customers enrolled in Meiji Yasuda's new plan can receive up to 100,000 yen per hospitalization and 50,000 yen per surgical operation. If customers choose a special provision adding roughly 100 to 500 yen to their monthly bill, then they are eligible to receive a total of up to 20 million yen to cover "advanced medical care" that is not covered by national public health insurance, such as the latest cataract surgery. Customers pay insurance premiums until 95. If, for example, a woman was 60 years old at the time of enrollment, her monthly payment would come to 8,220 yen, while a man enrolling at 90 would pay a monthly premium of 24,880 yen.

The shift in the insurance market in raising the age for eligible enrollment appears to be spurred by the growing need for medical insurance among the elderly. The life expectancy for Japanese people has been rising each year, and it is estimated that by 2049, the population of centenarians will surpass 500,000.

"The proportion of elderly people enrolling in medical insurance is expected to grow," said a representative from Meiji Yasuda.

Typically the shift from "mortality" insurance policy to "longevity" insurance is additionally taking place at additional insurance organizations as properly. In August 2013, insurance policy giant Aflac Japan expanded the age of registration for lifetime healthcare insurance policy from 80 to eighty five.

Companies like Neo Very first Insurance coverage Co., which functions beneath the Dai-ichi Life Party, and Medicare Life Insurance policy Co. beneath the Sumitomo Lifestyle Group umbrella, have likewise extended the enrollment era to 85, using a difficult twelve-monthly total of being unfaithful, 000 new customers older than 80.

Another product attracting attention is the "tontine pension" plan. Under this plan, members pay into a fund, and in exchange for suffering a financial loss if one dies earlier, the amount of payments out of the fund provides extra benefits for those who live a long time. Nippon Life Insurance Co., Dai-ichi Life Insurance Co. and other insurers began selling the plans in 2016, and the number of contracts for the plan has since grown to a total of over 50,000.

"Insurance plans that allow for the elderly to live their lives to the fullest are becoming more and more important," said the Meiji Yasuda representative.

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