Japan Insurance Brokerage Market is Estimated to Generate Sales of US$ 87.56 Billion By 2031 | Astute Analytica

CHICAGO, UNITED STATES, August 25, 2023/EINPresswire.com/ -- 𝐉𝐚𝐩𝐚𝐧 𝐢𝐧𝐬𝐮𝐫𝐚𝐧𝐜𝐞 𝐛𝐫𝐨𝐤𝐞𝐫𝐚𝐠𝐞 𝐦𝐚𝐫𝐤𝐞𝐭 generated sales of US$ 64.81 billion in 2022 and is estimated to reach a valuation of US$ 87.56 billion by 2031, growing at a CAGR of 3.4% during the forecast period from 2023 to 2031.

𝐒𝐚𝐦𝐩𝐥𝐞 𝐨𝐟 𝐓𝐡𝐢𝐬 𝐒𝐭𝐫𝐚𝐭𝐞𝐠𝐢𝐜 𝐑𝐞𝐩𝐨𝐫𝐭@- https://www.astuteanalytica.com/request-sample/japan-insurance-brokerage-market

Japan is the largest market in the world in the insurance industry. The value of life insurance is approximately JPY 35 trillion (US$ 240 trillion), and Japan is rated second to the United States in terms of total annual premiums. Property and casualty (P&C) insurance had about JPY 9 trillion (US$ 61 trillion) market value and was the fourth largest in the world. This demonstrates that there is a rising understanding of the value of insurance in Japan, which has increased demand for insurance products and is fueling the expansion of Japan insurance brokerages market.

In order to better serve its clients, the Japan insurance brokerage market is implementing innovative technologies. This includes utilizing big data analytics and artificial intelligence to deliver more individualized and effective services, which is increasing demand for insurance coverage. For instance, in April 2023, Tokio Marine & Nichido Fire Insurance created an AI system that will prepare responses to questions about coverage and processes from policyholders and insurance brokers. For system development, Tokio Marine has worked with an AI firm, and the system will be built on the ChatGPT platform. The AI-generated text will be built using data that Tokio Marine has amassed internally.

𝐑𝐞𝐭𝐚𝐢𝐥 𝐁𝐫𝐨𝐤𝐞𝐫𝐚𝐠𝐞 𝐒𝐞𝐠𝐦𝐞𝐧𝐭 𝐢𝐬 𝐒𝐞𝐭 𝐭𝐨 𝐂𝐚𝐩𝐭𝐮𝐫𝐞 𝟖𝟐% 𝐨𝐟 𝐑𝐞𝐯𝐞𝐧𝐮𝐞 𝐒𝐡𝐚𝐫𝐞

The retail brokerage segment is growing at a growth rate of 3.8% during the forecast period. In 2022, the segment generated revenue of 79.2% and is anticipated to increase and surpass 82% revenue share by 2030.

As per the retail brokerage industry, there is a rising demand for insurance goods among individual consumers. The need for insurance brokerage services rises as more people realize how crucial insurance is to safeguarding their assets and reducing risks. Additionally, Japan's changing regulatory environment is increasing consumer protection and encouraging competition, which has increased reliance on insurance brokers for professional guidance and customized insurance solutions.

𝐈𝐧 𝐉𝐚𝐩𝐚𝐧, 𝐭𝐡𝐞𝐫𝐞 𝐢𝐬 𝐜𝐮𝐫𝐫𝐞𝐧𝐭𝐥𝐲 𝐚 𝐡𝐢𝐠𝐡 𝐝𝐞𝐦𝐚𝐧𝐝 𝐟𝐨𝐫 𝐥𝐢𝐟𝐞 𝐢𝐧𝐬𝐮𝐫𝐚𝐧𝐜𝐞.

The life insurance sub-segment revenue is anticipated to increase from 75.2% in 2022 to 78% by 2030. The life insurance sub-segment is expanding owing to Japan's aging population. There is a heightened demand for pension-related insurance products and retirement planning services since a sizeable section of the population is either retired or very close to retiring.

For instance, Japan has one of the world's lowest fertility rates and one of the highest life expectancies, making it one of the societies that is aging the fastest. In Japan, the average age is 48. Approximately 30% of the population is over 65 at the moment, and this number will rise in the next years.

Individuals are the Primary End-Users of Insurance Brokerage in Japan

The individual end-user segment accounted for 87.6% of the Japan insurance brokerage market in 2022, which was the highest market share. The segment is expected to expand at the highest CAGR of 3.6% from 2023 to 2031.

Customers on an individual level in Japan comprehend the importance of insurance in protecting their possessions, health, and finances. For instance, by the end of FY 2021, there were 193.01 million individual life insurance policies in place (101.5% y/y), which was a 14-year increase in a row.

In addition, Japan's high disposable income, changing lifestyle trends, and shifting demographics are boosting consumer demand for insurance products. The function of insurance brokers becomes even more important as consumers become more conscious of the possible hazards they may face and look for solutions to mitigate them.

𝐀𝐜𝐜𝐞𝐬𝐬 𝐭𝐨 𝐌𝐨𝐫𝐞 𝐅𝐮𝐥𝐥 𝐃𝐞𝐭𝐚𝐢𝐥𝐞𝐝 𝐑𝐞𝐩𝐨𝐫𝐭@- https://www.astuteanalytica.com/industry-report/japan-insurance-brokerage-market

𝐓𝐨𝐩 𝟒 𝐏𝐥𝐚𝐲𝐞𝐫𝐬 𝐂𝐚𝐩𝐭𝐮𝐫𝐞 𝐀𝐛𝐨𝐮𝐭 𝟑𝟔.𝟗% 𝐨𝐟 𝐌𝐚𝐫𝐤𝐞𝐭 𝐑𝐞𝐯𝐞𝐧𝐮𝐞 𝐒𝐡𝐚𝐫𝐞

With a wide range of insurance goods and services provided by domestic and foreign insurance companies, the insurance brokerage segment environment in Japan is highly developed and competitive. With a combined market share of 36.9%, Nomura Insurance Solutions, Inc., Marsh Broker Japan, Inc., Guy Carpenter Japan, Inc., and Nishi-Nihon Insurance Business Co., Ltd. are among the market leaders, with a strong presence and extensive distribution networks throughout the nation.

𝐋𝐞𝐚𝐝𝐢𝐧𝐠 𝐂𝐨𝐦𝐩𝐞𝐭𝐢𝐭𝐨𝐫𝐬

• Marsh Broker Japan, Inc
• ARM CONSULTING CO., LTD.
• Lead Insurance Service Co., Ltd
• Kyoritsu Insurance Brokers of Japan Co., Ltd.
• World Insurance Group
• SJ Mobile Labs Pte Ltd
• Marnix Reinsurance Brokers Pte Ltd
• MST Insurance Service Co., Ltd.
• Ginsen Risk Solutions Co., Ltd.
• M & K Consultants
• Sakura Geoservice Co., Ltd.
• Toyota Tsusho Insurance Management Corporation
• Nippon Souken Ltd.
• ARM Consulting Co., Ltd.
• Other Prominent Players

𝐒𝐞𝐠𝐦𝐞𝐧𝐭𝐚𝐭𝐢𝐨𝐧 𝐎𝐮𝐭𝐥𝐢𝐧𝐞

𝐓𝐡𝐞 𝐉𝐚𝐩𝐚𝐧 𝐢𝐧𝐬𝐮𝐫𝐚𝐧𝐜𝐞 𝐛𝐫𝐨𝐤𝐞𝐫𝐚𝐠𝐞 𝐦𝐚𝐫𝐤𝐞𝐭 𝐬𝐞𝐠𝐦𝐞𝐧𝐭𝐚𝐭𝐢𝐨𝐧 𝐟𝐨𝐜𝐮𝐬𝐞𝐬 𝐨𝐧 𝐁𝐫𝐨𝐤𝐞𝐫𝐚𝐠𝐞 𝐓𝐲𝐩𝐞, 𝐈𝐧𝐬𝐮𝐫𝐚𝐧𝐜𝐞 𝐓𝐲𝐩𝐞, 𝐌𝐨𝐝𝐞, 𝐚𝐧𝐝 𝐄𝐧𝐝-𝐔𝐬𝐞𝐫𝐬.

𝐁𝐲 𝐁𝐫𝐨𝐤𝐞𝐫𝐚𝐠𝐞 𝐓𝐲𝐩𝐞
• Retail Brokerage
• Wholesale Brokerage
𝐁𝐲 𝐈𝐧𝐬𝐮𝐫𝐚𝐧𝐜𝐞 𝐓𝐲𝐩𝐞
• Life Insurance
• General Insurance
o Property & Casualty Insurance
o Health Insurance
o Car/Motor Insurance
o Fire Insurance
o Travel Insurance
o Others
By Mode
• Online
• Embedded
• Offline
𝐁𝐲 𝐄𝐧𝐝 𝐔𝐬𝐞𝐫𝐬
• Corporate
• Institutions
• Individual

𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 𝐂𝐨𝐩𝐲 𝐨𝐟 𝐒𝐭𝐫𝐚𝐭𝐞𝐠𝐢𝐜 𝐑𝐞𝐩𝐨𝐫𝐭@- https://www.astuteanalytica.com/request-sample/japan-insurance-brokerage-market

𝐀𝐛𝐨𝐮𝐭 𝐀𝐬𝐭𝐮𝐭𝐞 𝐀𝐧𝐚𝐥𝐲𝐭𝐢𝐜𝐚:

Astute Analytica is a global analytics and advisory company that has built a solid reputation in a short period, thanks to the tangible outcomes we have delivered to our clients. We pride ourselves in generating unparalleled, in-depth, and uncannily accurate estimates and projections for our very demanding clients spread across different verticals. We have a long list of satisfied and repeat clients from a wide spectrum including technology, healthcare, chemicals, semiconductors, FMCG, and many more. These happy customers come to us from all across the globe.

They are able to make well-calibrated decisions and leverage highly lucrative opportunities while surmounting the fierce challenges all because we analyze for them the complex business environment, segment-wise existing and emerging possibilities, technology formations, growth estimates, and even the strategic choices available. In short, a complete package. All this is possible because we have a highly qualified, competent, and experienced team of professionals comprising business analysts, economists, consultants, and technology experts. In our list of priorities, you-our patron-come at the top. You can be sure of the best cost-effective, value-added package from us, should you decide to engage with us.

Aamir Beg
Astute Analytica
+1 888-429-6757
email us here
Visit us on social media:
Twitter
LinkedIn