A total of 55 general insurance companies were operating in Japan as of July 2023. Of this number, 33 companies were licensed as domestic non-life insurers.
Japan's P&C insurance market
Net premiums written of non-life insurers in Japan amounted to 9.12 trillion yen in the fiscal year 2022. The market is dominated by three insurance groups: Tokio Marine Holdings, MS&AD Insurance Group Holdings, and Sompo Holdings and their subsidiaries, Tokio Marine & Nichido Fire, Mitsui Sumitomo, Aioi Nissay Dowa, and Sompo Japan. The groups generated a net income of 629.1 billion Japanese yen in fiscal 2022. In addition to private insurance companies, cooperatives and mini insurers offer property and casualty insurance products in Japan.
Foreign non-life insurers in Japan
Around 22 foreign insurers licensed as branches or agencies were operating in Japan, of which ten were active in the direct and reinsurance business. Direct premiums written by foreign insurers amounted to 733.1 billion yen in fiscal 2022. AIG General Insurance Company was one of the largest foreign non-life insurers in Japan based on premium income and number of employees.
