January 2018: Japan's commercial insurance market
Japan’s commercial insurance market is the fourth largest in the world with total premiums of USD 38 billion in 2016. Penetration (premiums as a percentage of gross domestic product (GDP)) has been rising in recent years, but is still low relative to other advanced markets. Commercial insurance penetration in Japan was 0.8% of GDP in 2016, compared to 1.6% in the US and 2.4% in the UK. By line of business, motor accounted for close to 42% of commercial insurance premiums in 2016. The next biggest lines were property (17.5% of premiums) and liability (17.2%).