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Japan’s P&C insurance market to hit valuation of US$70.6bn by 2033

Written by Adam Cadle
16/05/2025

Japan’s P&C insurance market was valued at US$ 53.59bn in 2024 and is expected to reach US$ 70.60bn by 2033, growing at a CAGR of 3.11% during the forecast period 2025–2033, latest figures published by Astute Analytica have revealed.

The Japan P&C insurance market continues to ride the tailwind of a steadily expanding economy.

The Financial Services Agency’s phased rollout of the revised Insurance Business Act, effective April 2024, tightens capital-quality definitions and introduces an economic-value-based solvency margin framework that aligns with upcoming global Insurance Capital Standard benchmarks.

In parallel, Japanese groups have gone live on IFRS 17, prompting granular profit recognition by line of business and sharpening internal re-allocation debates. Data from the FSA indicates that 13 domestically registered insurers have already published embedded-value disclosures, providing investors with deeper visibility into the Japan P&C insurance market than ever before.



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