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Fact Book 1998 (Pdf) KEY FIGURES GENERAL INFORMATION ABOUT JAPAN Fiscal 1996 Fiscal 1997 P Population : 125,257,016 125,568,035 (Percentage of People (15.4%) (16.0%) Aged 65 and Over) P GNP (nominal) : ¥508,999.2 billion ¥511,122.6 billion (real) : ¥489,002.1 billion ¥486,072.5 billion P GDP (nominal) : ¥503,068.2 billion ¥504,565.6 billion (real) : ¥483,295.3 billion ¥479,835.3 billion P Percentage of Workers O Primary Industries 5.5% 5.4% by Industrial Sector : O Secondary Industries 32.9% 32.7% O Tertiary Industries 61.6% 61.9% P No. of Registered Automobiles : 71,775,647 72,856,583 JAPANESE NON–LIFE INSURANCE COMPANIES Fiscal 1996 Fiscal 1997 P No. of Domestic Insurers 33 33 P No. of Employees : 102,154 98,775 (Including Management) P No. of Agents : 623,741 592,126 P Total Assets : ¥30,358.1 billion ¥31,117.4 billion (Total Working Assets) : (¥28,079.2 billion) (¥28,536.3 billion) P Direct Premiums Written : ¥10,621.9 billion ¥10,313.7 billion (Maturity–Refund–Type (¥3,166.2 billion) (¥2,881.0 billion) Insurance Premiums) : P Net Premiums Written : ¥7,228.1 billion ¥7,215.3 billion P Net Claims Paid : ¥3,490.5 billion ¥3,536.4 billion P Net Operating Expenses : ¥2,822.1 billion ¥2,830.7 billion (Notes) (1) “Domestic Insurers” means locally incorporated companies including foreign–capitalized insurers. As two foreign–capitalized insurers have been established in fiscal 1998, the number of “Domestic Insurers” now stands at 35 as of December 15, 1998. (2) “No. of Agents” includes the agents of foreign companies. FOREWORD We take pleasure in presenting the “Non–Life Insurance in Japan Fact Book 1997–1998”, offering an out- line of our non–life insurance industry and focusing on its activities during fiscal 1997. Severe conditions confront the Japanese economy as a result of lingering stagnation and confusion in the financial markets. With the passing of the Financial System Reform Bill this June, however, a framework has been put in place for the promotion of the Japanese financial Big Bang, and the drive to the year 2001 has begun. With the approval of the Financial System Reform Bill, a sweeping reform of the rating organization system was implemented in the non–life insurance industry, and further liberalization of non–life insurance products and services has been promoted. This encourages each non–life insurance company to exercise its ingenuity even more, thus widely expanding the options for consumers when choosing non–life insurance products and ser- vices. In addition, as a result of the mutual entry between insurance companies and other financial institutions, the expansion of the business scope of insurance companies, etc., management options have been significantly expanded, and the convenience of consumers is enhanced. Futhermore, the establishment of a Non–Life Insur- ance Policy–holders Protection Corporation of Japan will ensure the protection of policyholders in the event of a non–life insurance company going bankrupt. With liberalization and deregulation now in place, the Marine and Fire Insurance Association of Japan has resolved to promote even further the disclosure of information so that consumers can choose their insurance products and services properly at their own discretion. In addition, our Association is determined to make efforts to continue to obtain consumers’ reliance on and support of the non–life insurance business by carrying on with activities to ensure that consumers can deepen their understanding of the functions and roles of non–life insurance. We would appreciate it, therefore, if your continued understanding and unchanged support could be extended to our non-life insurance industry. We hope this Fact Book will help you to a better understanding of the non–life insurance business in Japan. December 1998 The Marine and Fire Insurance Association of Japan, Inc. CONTENTS Part I General Review of Fiscal 1997 (April 1, 1997 — March 31, 1998) Page I. JAPAN’S ECONOMY AND NON–LIFE INSURANCE . 1 1. Review of Japan’s Economy . 1 2. Trends in National Economy and Non–Life Insurance Business . 1 3. Household Income and Non–Life Insurance . 5 II. BUSINESS RESULTS IN FISCAL 1997 . 6 1. Results of Operating Balance . 6 2. Direct Premiums Written . 10 3. Direct Premiums Written by Line . 11 4. Losses . 18 III. INTERNATIONALIZATION OF NON-LIFE INSURANCE BUSINESS . 25 1. Foreign Non–Life Insurers in Japan . 25 2. Japanese Non–Life Insurers Abroad . .26 3. International Reinsurance Business . 27 4. International Comparison of Non–Life Insurance Premium Volume . 27 5. International Cooperative Relations . 28 IV. NEW PRODUCTS . 34 V. MAJOR DEVELOPMENTS . 36 Part II General Information Page 1. Insurance Supervision and Insurance–related Laws . 47 (1) Insurance Supervisory Authorities . 47 (2) Advisory Councils . 48 (3) Supervisory Structure of Insurance Industry . 48 (4) Insurance-related Laws . 49 2. Outline of the Financial System Reform Bill (Non–Life Insurance) . 60 3. Deregulatory Trends in the Japanese Non–Life Insurance Market . 65 4. Distribution System . 69 5. Investment Regulation . 72 6. Underwriting Reserves . 74 7. Outline of Early Warning Measure in the Non–Life Insurance Business . 77 8. Social and Public Activities . 81 9. Ownership of Policies . 89 10. Non–Life Insurance Counseling System . 91 11. Loss Survey System . 92 12. Requests for Fiscal 1999 Tax Reform . 93 13. Chronology . 95 14. Non–Life Insurance Organizations . 108 15. Directory . 109 (1) Licensed Domestic Companies . 109 (2) Licensed Foreign Companies . 112 16. Outline of the Marine and Fire Insurance Association of Japan, Inc . 115 PART I GENERAL REVIEW OF FISCAL 1997 (April 1, 1997 — March 31, 1998) I. JAPAN’S ECONOMY AND NON–LIFE INSURANCE 1. Review of Japan’s Economy The economy of Japan during fiscal 1997 showed signs of entering a deep recession as evidenced in sluggish rates of personal consumption and housing investment. This was attributable to the effect of the rise in the consump- tion tax rate and peoples’ anxiety about the financial system resulting from the successive bankruptcies of financial institutions. The national economy registered growth rates of 0.3% nominally and s0.7% in real terms, down 2.5 and 3.9 percentage points respectively, from the previous year. 2. Trends in National Economy and Non–Life Insurance Business VFire insurance contracts and private equipment investment Since the subject–matter of fire insurance is buildings (i.e. houses, shops, factories, and warehouses) and their contents (i.e. personal belongings, equipment, furnishings, and merchandise), its aggregate contract total (amount insured) greatly depends on economic trends. These are represented by private equipment investment, housing starts, inventory investment, and revaluation of buildings and contents due to fiuctuations in price indices such as the construction cost of buildings. In fiscal 1997, new fire insurance contracts pertaining to residential and general risks reached a total amount insured of ¥435.3 trillion, up 2.0% over the preceding year, in spite of a decrease in housing starts of 18.3% to 1.34 million. Factory risks reached ¥171.3 trillion in terms of aggregate amount insured, up 6.2% over the previous year, while warehouse risks amounted to ¥35.0 trillion, a 2.5% increase over the year before. Overall, fire insurance contracts reached ¥641.6 trillion or 3.1% up over the preceding year. Table 1 Gross Domestic Expenditure (Nominal) (¥ billion and %) Fiscal 1996 Fiscal 1997 Item Growth Growth Amount Share Amount Share Rate Rate Private Final Consumption Expenditure 303,048.1 3.2 60.2 305,745.1 0.9 60.6 Private Housing 27,927.7 15.1 5.6 22,416.0 S19.7 4.4 Private Plant and Equipment 78,514.5 7.0 15.6 78,862.3 0.4 15.6 Increase in Private Sector Inventory 737.5 S1.6 0.1 1,112.2 50.8 0.2 Government’s Final Consumption 48,494.1 1.7 9.6 49,204.9 1.5 9.8 Expenditure Public Fixed Capital Formation 41,908.9 S3.2 8.3 39,568.5 S5.6 7.8 Increase in Public Sector Inventory 142.7 S31.1 0.0 147.7 3.5 0.0 Net Exports of Goods & Services 2,294.8 S62.2 0.5 7,508.9 227.2 1.5 (Exports) (51,212.4) (10.4) (10.2) (56,744.2) (10.8) (11.2) (Imports) (48,917.6) (21.3) (9.7) (49,235.3) (0.6) (9.8) Total 503,068.2 2.8 100.0 504,565.6 0.3 100.0 (Source) “Preliminary Quarterly Estimates of National Expenditure” published by the Economic Planning Agency. 1 VAutomobile holdings and automobile insurance contracts Nationwide automobile holdings at the end of fiscal 1997 amounted to 72.9 million. Classified by type of vehicle, the number of passenger cars increased by 3.1%, while that of trucks decreased by 2.3% due to enhanced efficiency in methods of transportation. Consequently, the total number of all types of vehicles increased by 1.5%. Regarding the number of newly–registered cars, new and used cars showed negative growths of 14.6% and 4.8% respectively in fiscal 1997 over the preceding year due to the fall in consumption. New and renewed automobile insurance contracts in force for fiscal 1997 registered fi11.9 quadrillion, up 4.5% over the preceding year by virtue of the increase in the number of insured automobiles. VMarine transport situation and marine hull insurance contracts Although still facing severe management conditions as a result of the sluggish national economy, a decrease in movement of goods toward Asia, and the fall in the level of freight charges, the Japanese shipping industry in fiscal 1997 registered steady growth because of the lasting effect of the low exchange value of the yen and its strenuous efforts to rationalize its operations.
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