Japan Insurance Q1 2021

Japan Insurance Q1 2021

Key View:

The short-term outlook for Japan's insurance industry is gradually improving, though as with other markets around theworld the ongoing Covid-19 pandemic remains a significant source of downside risk. Based on the expectation that Japan'seconomy will return to growth in 2021, after a sharp recession in 2020, we anticipate that premiums written in both the life and thenon-life sectors will expand. The market benefits from a number of key attributes including an affluent population, high levels offinancial inclusion and a diverse competitive landscape which keeps innovation at the forefront and ensures the insurance industryis well placed to weather any upcoming headwinds.