Insurance

The Japanese insurance market is the second largest in the world, and is key to global insurance groups. European insurers bring their expertise to the market and provide proven insurance products to the Japanese consumer to meet their insurance needs. The market share of foreign affiliates in Japan is increasing, but they continue to encounter regulatory obstacles that can limit efficient development of their businesses. An example of this is the rigid reserving and solvency regulations on variable annuity and variable life insurance products. Future growth in Japan will come from the aging of the population, driving a need for products dealing with extended retirement, difference in family structures and rising demand for medical products. The committee works to achieve a principles-based regulatory regime, under which the regulator focuses on risk management and allows innovation and flexibility, thereby allowing the insurance market to adapt appropriately and deal with changes in policyholder needs and changing financial conditions.

View Issues and Recommendations – (English | Japanese) - Updated

TBA