Japan Insurance Brokerage Market, By Brokerage Type, By Insurance Type, By Mode, By End Users, By End Users cross with Mode, Estimation & Forecast, 2018- 2031

The Japan insurance brokerage market held a market value of USD 64.81 billion in 2022 and is likely to reach USD 89.55 billion by the year 2031

The Japan insurance brokerage market held a market value of USD 64.81 billion in 2022 and is likely to reach USD 89.55 billion by the year 2031. The market is anticipated to register a CAGR of 3.88% during the forecast period.

There is a growing awareness in Japan about the importance of insurance, which has led to an increase in demand for insurance policies. As people become more aware of the risks they face, they are more likely to seek out insurance policies to protect themselves and their families.

The insurance brokerage market in Japan is adopting new technologies to better serve its customers. This includes the use of artificial intelligence and big data analytics to provide more personalized and efficient services, which is driving demand for insurance policies.

Growth Influencers:

Increasing demand for insurance policies
The increasing demand for insurance policies is one of the primary drivers for the growth of the insurance brokerage market in Japan. Japan has an aging population, which has led to an increase in demand for insurance policies, such as health insurance and life insurance. As people age, they become more concerned about their health and financial security, which drives the demand for insurance policies.

As the economy in Japan grows, people's disposable income has increased, which has led to a rise in demand for insurance policies. As people have more money to spend, they become more interested in protecting their assets and ensuring financial security for their families. Moreover, Japan is experiencing a shift in demographics, with more women and younger people entering the workforce. This has led to a change in demand for insurance policies, with a greater focus on policies that meet the needs of these new demographics.

Increasing penetration of technology in the area of insurance brokerage
The insurance brokerage market in Japan is driven by several factors, including the increasing penetration of technology in the insurance sector. The insurance sector in Japan has been quick to adopt technology to enhance the distribution of insurance products. The use of digital channels such as online platforms and mobile apps has made it easier for insurance brokers to reach out to potential customers and offer them insurance products that suit their needs. The adoption of AI and ML in insurance brokerage has helped brokers to better understand customer needs and preferences, which in turn helps them to offer more personalized insurance products. This has improved customer satisfaction and retention rates.

Segments Overview:

The Japan insurance brokerage market is segmented into brokerage type, insurance type, mode, end user, and end user cross with mode.

By Brokerage Type

• Retail Brokerage
• Wholesale Brokerage

The retail brokerage segment held more than 81% of the market share in 2022, along with the highest growth rate of 5.1% over the forecast period.

By Insurance Type

• Life Insurance
• General Insurance
• Property & Casualty Insurance
• Health Insurance
• Car/Motor Insurance
• Fire Insurance
• Travel Insurance
• Others

The life insurance segment held the highest market share of 77.2% in 2022, the segment also is estimated to be the fastest growing with a CAGR of 5.3%.

By Mode

• Online
• Embedded
• Offline

The embedded segment held the highest market share of 50.2% in 2022, with the highest CAGR of 5.7%.

By End Users

• Corporate
• Institutions
• Individual

The individual segment held the highest market share of 89.0% in 2022, being the fastest growing segment with the highest CAGR of 5.5%.

By End Users cross with Mode

Corporate

• Online
• Embedded
• Offline

Institutions

• Online
• Embedded
• Offline

Individual

• Online
• Embedded
• Offline

The individual segment held the highest market share of 90.0% in 2022, with the highest CAGR of 7.0% over the forecast period.

Competitive Landscape

The major players operating in the Japan insurance brokerage market include Nomura Insurance Solutions, Inc., Marsh Broker Japan, Inc, Guy Carpenter Japan, Inc., Nishi-Nihon Insurance Business Co., Ltd., among others.

The first airline to finance the acquisition of Boeing aircraft using Marsh's Japanese Aircraft Finance Insurance Consortium was EL AL Israel Airlines Limited in JUNE 2019. A different aviation finance insurance product called AFIC was formally introduced by Marsh in June 2017 for banks and other capital market participants who are financing Boeing aeroplanes. By using insurance to reduce the lender's chance of default for the duration of the loan, AFIC, which is only offered through Marsh, can assist airlines all over the world in receiving more efficient financing. More than 50 aeroplanes have been purchased using AFIC so far. The cumulative market share of the four major players is close to 36.9%.

The Japan insurance brokerage market report provides insights on the below pointers:

• Market Penetration: Provides comprehensive information on the market offered by the prominent players
• Market Development: The report offers detailed information about lucrative emerging markets and analyzes penetration across mature segments of the markets
• Market Diversification: Provides in-depth information about untapped geographies, recent developments, and investments
• Competitive Landscape Assessment: Mergers & acquisitions, certifications, product launches in the Japan insurance brokerage market have been provided in this research report. In addition, the report also emphasizes the SWOT analysis of the leading players.
• Product Development & Innovation: The report provides intelligent insights on future technologies, R&D activities, and breakthrough product developments
• Pricing Analysis: Pricing analysis of various components used in the manufacturing
• Manufacturing Cost Analysis: Cost-share of various components, cost analysis of tools
• Increased Demand for Insurance Policies
• Outlook of Insurance Broking

The Japan insurance brokerage market report answers questions such as:

• What is the market size and forecast of the Japan insurance brokerage market?
• What are the inhibiting factors and impact of COVID-19 on the Japan insurance brokerage market during the assessment period?
• Which are the products/segments/applications/areas to invest in over the assessment period in the Japan insurance brokerage Market?
• What is the competitive strategic window for opportunities in the Japan insurance brokerage market?
• What are the technology trends and regulatory frameworks in the Japan insurance brokerage market?
• What is the market share of the leading players in the Japan insurance brokerage market?
• What modes and strategic moves are considered favorable for entering the Japan insurance brokerage market?