Japan Motor Insurance Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Japan Motor Insurance Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Key Highlights

• The Japan Motor Insurance Market is estimated to grow at a CAGR of approximately 2% during the forecast period.
• In Q4 2018, the Direct premium of Voluntary automobile was 4,130,032 million JPY, the net premium was 4,054,817 million JPY, direct claims were 2,311,703 million JPY, net claims were at 2,241,518 million JPY. The net premium was decreased by 1.3% in Q4 2018 compared to Q4 2017, direct claims were increased by 5.7% in Q4 2018 compared to Q4 2017, net claims was increased by 2.6% in Q4 2018 compared to the Q4 2017.
• In Q4 2018, the Direct premium of Compulsory automobile was 973,916 million JPY, the net premium was 962,937 million JPY, direct claims were 721,925 million JPY, net claims were at 720,438 million JPY. The direct premium was increased by 0.1% in Q4 2018 compared to Q4 2017, net premiums were decreased by 4.7 in Q4 2018 compared to Q4 2017, direct claims and net claims were decreased by 3.8% and 2.8% in Q4 2018 compared to Q4 2017.

Key Market TrendsIncrease in New Motor vehicle production registrations:

Passenger car and commercial vehicle demand in Japan in 2018 totaled 5.27 million units, a 0.7% increase over the previous year. Total passenger car sales grew 0.1% to 4.39 million units, with standard cars rising 2.2% to 1.58 million units and minicars climbing 3.6% to 1.50 million units, but small cars dropping 5.9% to 1.31 million units. Meanwhile, sales of trucks increased by 4.2% over 2017 to 867,000 units, whereas sales of buses declined 12.1% to 14,000 units.

Government focus towards Artificial Intelligence(AI):

Non-life insurance companies collect big data for use in marketing and pricing. They are also accelerating their operations by using AI (Artificial Intelligence) to assess claims payment and for customer service functions such as call centers. Moreover, AI (Artificial Intelligence) is expected to carry out primary judgment in the region of insurance sales, underwriting, and payment of claims in the future. The term “fintech,” which has recently come into common use, is also used in the insurance industry. The insurance industry has also embraced the term “insurtech” to refer to the fusion of insurance and information technology for the development of the insurance products and to encourage innovation in the operations of non-life insurance companies.

Competitive Landscape

The report covers the major players operating in the Japan Motor Insurance Market. The market is Consolidated due to the top 3 players hold the major share in the market. The market is expected to grow in the forecast period due to the increase in motor sales, adoption of AI (Artificial Intelligence) in the industry and other few factors.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned
 
ASIA INSURANCE 1950 PUBLIC COMPANY LIMITED
THE FALCON INSURANCE PUBLIC COMPANY LIMITED
SIAM CITY INSURANCE PUBLIC COMPANY LIMITED
AIG INSURANCE (THAILAND) PUBLIC COMPANY LIMITED
BANGKOK LIFE ASSURANCE PUBLIC COMPANY LIMITED
THE VIRIYAH INSURANCE PUBLIC COMPANY LIMITED
ALLIANZ AYUDHYA ASSURANCE PUBLIC COMPANY LIMITED
BANGKOK INSURANCE PUBLIC COMPANY LIMITED
SYN MUN KONG INSURANCE PUBLIC COMPANY LIMITED
DHIPAYA INSURANCE PUBLIC COMPANY LIMITED

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