Japan
World's third-largest insurance market, regulated by the Financial Services Agency
Insurance Categories in Japan
01 — Market overview
Insurance in Japan
Japan has the third-largest insurance market in the world by premium volume, dominated by long-established life insurers — Nippon Life, Dai-ichi Life, Meiji Yasuda, Sumitomo Life — and the major non-life groups (Tokio Marine, MS&AD, Sompo Japan). Foreign insurers maintain a meaningful presence, particularly Prudential Japan, MetLife, and Aflac in cancer and supplemental health. Private health insurance is a supplement to the universal public scheme; cancer-specific 'gan hoken' products are a distinctively Japanese category.
02 — Regulatory context
Who regulates insurance in Japan
The Financial Services Agency (FSA — Kinyu-cho) regulates all Japanese insurers. The Life Insurance Association of Japan and the General Insurance Association of Japan publish industry standards. Disputes go to the FSA's Financial Instruments Mediation Assistance Center (FINMAC) or the equivalent insurance industry bodies, with non-binding mediation.
03 — Practical notes
What to know before you compare
Every resident of Japan is enrolled in National Health Insurance (Kokumin Kenko Hoken) or the equivalent employee scheme; basic medical care covers ~70% of costs with patients paying 30%, and the High-Cost Medical Care Benefit Scheme caps monthly out-of-pocket. Private health products primarily cover the patient's 30% share, semi-private hospital rooms, and supplemental allowances. Cancer insurance is a separate market — products pay a lump sum on diagnosis. Term life with simple medical questionnaires (no exam) is widely available for moderate sums assured.