Japan will set a goal of reducing an estimated life toll of up to 298,000 deaths from a potential megaquake occurring in the Nankai Trough by around 80% over the next 10 years according to a report by Kyodo News.
Japanese life insurers' credit fundamentals are expected to remain robust in the financial year ending March 2026 (FYE2026), says Fitch Ratings.
With an average of over 3m tourists visiting the country every month in 2024, Japan has proposed some major changes to entry rules, including mandatory health insurance for all international tourists.
Japanese insurance group, Dai-ichi Life Holdings, has signed an agreement with global business and technology transformation company Capgemini to establish an international digital transformation centre in India.
Japanese life insurer Dai-ichi Life Insurance Company's plan to acquire a 15% stake in UK-based M&G plc is likely to enhance the life insurer's global diversification and international investment capability according to Fitch Ratings.
Japan's four major rated life insurers - Meiji Yasuda Life Insurance Company, Sumitomo Life Insurance Company, Dai-ichi Life Insurance Company and Nippon Life Insurance Company - have reported in their results for financial year 2024 ending 31 March 2025 that the unrealised losses on domestic bonds on an aggregated basis were more than four times higher at fiscal 2024 year-end than a year earlier.
Sompo Japan Insurance has submitted its business improvement plan to the Financial Services Agency (FSA) in accordance with the order issued in March 2025, regarding the leakage of customer information.
Reinsurance Group of America (RGA) has reached an agreement with Dai-ichi Life for an RGA subsidiary to reinsure JPY150bn ($1.05bn) of statutory reserves through coinsurance.
Over the past decade, several major Japanese life insurers have been seeking growth opportunities overseas, particularly in the US, mainly due to the maturity of the domestic market, said Fitch Ratings.
Foreign residents in Japan may have to pay their National Health Insurance premiums in advance according to a new proposal by the country's ruling Liberal Democratic Party (LDP). The LDP's proposal has called for introducing a system of prepayment at the time of enrolment for the foreign residents in the country.