The IMF Country Reports Series covers economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with officials of the country, is published at the option of the member.
International Monetary Fund. Monetary and Capital Markets Department
INTERNATIONAL MONETARY FUND
The Japanese insurance sector is characterized by a mature market, high concentration, and the predominance of life insurance products with interest guarantees. The insurance sector represents 13 percent of total financial sector assets. Life insurance is about 12 times the size of non-life by assets. Five largest life insurers, three of which are mutual in structure, account for 67 percent of life insurance sector assets; and the four largest non-life insurers 88 percent of non-life insurance sector assets. Japan Post Insurance is the largest life insurer with 22 percent market share by assets. Most of savings-type products (whole life and endowment) have interest guarantees. While insurers have reduced the guarantees over the years, there are still old policies in force with guarantees in excess of 5 percent according to industry sources.