Kathmandu. Japan’s insurance market is expected to reach $470 billion over the next four years.
According to global data, japan’s insurance market is projected to grow by 2029 with an annual integrated 3.9 percent growth. Japan’s insurance market is expected to grow due to increased natural disasters, and changes in cyber risks and regulatory provisions.
Life insurance accounts for 77.4 percent of Japan’s total insurance business and non-life insurance accounts for 22.6 percent. According to the global data report, the size of the overall insurance sector will increase even as the premium of life and non-life insurance increases.
Japan’s life insurance sector is projected to grow by 5.9 per cent in 2025. Global data predicts that this increase will be achieved due to the increase in the population of older people and the increase in the importance of life insurance.
According to 2024 data, 29.3 percent of the population in Japan is 65 years of age and above. This population is expected to reach 34.8 percent by 2040. – Agency
