The Japanese general insurance market is projected to grow from JPY11.7 trillion (US$81.1 billion) in 2024 to JPY12.7 trillion (US$93.9 billion) by 2028, at a compound annual growth rate of 2.2%.
TOKYO: Willis, a WTW business, today announced a significant expansion of its Japanese Corporate Risk & Broking team, signaling its strengthened commitment to the dynamic and evolving Japanese market. This talent expansion enhances Willis’ ability to meet rising demand from companies in Japan through deepened industry expertise, as well as providing insights, data and analytics to inform and better manage both insurance transactions and wider risk management for its clients.
Commenting on the growth of the team, Ryohei (Roy) Nakazawa, Head of WTW in Japan, said: “Japan is one of the world’s largest insurance markets and we are proud to be scaling up to drive better client outcomes. By bringing the best talent and building up our specialty capabilities, we are positioning ourselves to be a trusted risk advisor, specialty broker and client partner to Japanese companies navigating today’s complex risk landscape locally and those with an international business footprint.”
The Japanese general insurance market is projected to grow from JPY11.7 trillion (US$81.1 billion) in 2024 to JPY12.7 trillion (US$93.9 billion) by 2028, at a compound annual growth rate of 2.2%.
“We see growth driven by commercial lines, digital transformation and risk advisory services amid global uncertainty. There is also rising risk awareness and demand for protection from businesses against climate change and natural catastrophes, cyber threats and supply chain disruptions,” added Roy.
“In addition, the marine insurance sector continues to gain momentum as Japan remains one of the world’s top maritime nations, accounting for 11% of the world’s fleet of vessels. Its strategic position in global trade and its advanced maritime industry is fueling demand for marine cargo insurance solutions.”