• Document: Overview of Life Insurance Industry in Japan
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FALIA Seminar Risk Management Course Overview of Life Insurance Industry in Japan November 12, 2014 The Life Insurance Association of Japan 2 Contents LIAJ I Basic Information of Japan …P.3-11 P 3-11 1. General Information 2. Economic Trends 3. Demographic Changes 4. Aging Population 5 5. Medical Expenses 6. Long-term Care Expenses 7. Employment and Asset Holdings of the Elderly II Development of Life Insurance in Japan …P.12-21 1. Early Development of Modern Life Insurance System 1 2. Innovation of Life Insurance Business 3. Contemporary Life Insurance Industry in Japan III Life Insurance Market in Japan …P.22-39 1. Role of Public and Private Sectors in Life Security 2. Current Situation of Life Insurance Market in Japan IV Regulatory Regime for Life Insurers in Japan …P.40-56 1. Supervision and Regulation g 2. Bankruptcy Procedures 3. Taxation on Life Insurance 4. Recent Development on Insurance Regulation V Recent Industry’s y Action …P.57-62 1. Supervision and Regulation 2. Bankruptcy Procedures 3. Taxation on Life Insurance 4. Recent Development on Insurance Regulation VI The Life Insurance Association of Japan …P.63-75 1. Overview of LIAJ 2. Role of LIAJ I. Basic Information of Japan 4 I Basic Information of Japan LIAJ 1 General Information 1. Name Japan Area 377,914㎢ (rank 60th) Population 127 million (rank 10th) Capital Tokyo Language Japanese Main Religion Shinto/Buddhism Government Prime Minister: Shinzo Abe (Liberal Democratic Party) Import: crude oil, petroleum products, LNG (liquefied natural gas), clothes, coal, non-ferrous metal, semiconductor electric component Trade Export: automobile, auto component, steel, semiconductor electric component, boats and ships, plastic, engines and turbines 5 I Basic Information of Japan LIAJ 2. Economic Trends Changes in Nominal GDP Stock Price (The Nikkei Stock Average) 600  45,000  (yen trillion) Source: IMF - World Economic Outlook Databases, Cabinet Office (yen) Source: Nihon Keizai Shimbun 40,000  500  35,000  400  15,783 yen (as of Oct. 7, 2014) 30,000  300  25,000  Nominal GDP (2013): 478.3 trillion yen 20,000  200  Growth Rate (2013): 1.0% GDP per capita (2013): 3.756 million yen 15,000  100  10,000  0  5,000  Interest Rate ((JGB 10-year y y yield)) Yen-Dollar Exchange g Rate 9.5 150 (%)

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