Japan insurance market share projected to fall to 3% by 2036

Japan’s share of the global insurance market is projected to decline from 3.9% in 2025 to 3.0% by 2036, according to Allianz Research. This trend is driven by faster expansion in other Asian markets, specifically China and India.

In 2025, Japan recorded total insurance premium growth of 2.1%, which was significantly lower than the global rate of 7.1%. While Japan remains a highly developed market with premium spending averaging $2,448 per person—well above the regional average of $447—its growth rates lag behind its neighbors. For instance, Japan’s life insurance premiums grew by only 1.5% in 2025, compared to 11.4% in China.

Looking ahead to the decade between 2026 and 2036, Allianz forecasts annual growth for Japan’s property and casualty (P&C) premiums at 2.5% and life premiums at 2.9%. In contrast, P&C growth in China is expected to reach 6.3% annually. As these emerging markets expand, China’s global insurance market share is projected to rise from 10.9% to 13.4%.