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According to the research report “Japan Insurance Market Outlook to 2016 - Growing Importance of Annuity Insurance with Ageing Population” by Ken Research, the direct written premium of insurance in Japan is projected to rise at a CAGR of 9.6% in the next four years with the entrance of more foreign players in the country.
The insurance market in Japan can be classified on the basis of life and non-life insurance. The life insurance is a contract between life insurer and the policyholder in which an insurer is bound to pay a defined sum of money upon the death of the insured person within a certain specified time period or on the maturity of life insurance policy. The non life insurance is also known as general insurance is used to provide coverage for business and individual from the financial loss resulting from certain events such as natural disaster, accident, fire, burglary, diseases and others.
For more information on the industry research report please refer to the below mentioned link: