HONG KONG, May 14 (Bernama) -- AM Best is maintaining a stable outlook on Japan’s non-life insurance industry, citing improved profitability in the fire insurance line and heightened regulatory oversight, which is driving industry reforms.
The Best’s Market Segment Report, “Market Segment Outlook: Japan Non-Life Insurance”, notes that Japan’s Financial Services Agency has increased scrutiny of non-life insurers in the past 18 months, outlining stricter governance requirements for insurers, including stronger oversight of agency networks and eliminating improper incentives provided by insurers to distributors. While the new regulatory measures may lead to higher compliance costs for insurers in the short term, these shifts should increase transparency and foster fair market competition, as well as help insurers improve acquisition cost efficiency over the long term.
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