Japan Insurance – (Re)in Asia

Features and key stories

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Pacific Life Re inks third asset-intensive reinsurance deal with Tokio Marine & Nichido Life

Third transaction with Japanese life insurer underscores Pacific Life Re’s growing role in the country’s AIR market.

Resolution Life signs three new asset-intensive reinsurance deals across Hong Kong, Japan

Reinsurer has completed two in-force reinsurance deals covering participating whole-of-life portfolios in Hong Kong and one reinsurance agreement in Japan.

Softbank's PayPay to acquire 70% stake in T&D Financial Life for US$840m

The transaction would give PayPay a direct foothold in Japan’s life sector and create new cross-selling options with its existing customer base.

Japan’s reinsurance market enters a spikier, more volatile phase

Deepening competition has brought faster, more pronounced underwriting cycles.

Marsh to acquire ENEOS insurance units in Japan

The broker will acquire ENEOS Insurance Service and ENEOS Material Trading from the Japanese energy group, with closing expected in Q3 2026.

Japan FSA proposes tighter checks on life reinsurance deals

The draft guidance proposes stress tests for asset-intensive reinsurance deals, including recapture events and multiple reinsurer failures, to assess impacts on solvency and reserves.

Asia insurance rates decline continues across major commercial lines in Q1 2026

Increased insurer capacity and competitive pressures pushed Asia’s commercial insurance rates down another 5% last quarter, says Marsh.

Autonomous vehicles drive APAC insurers toward new liability era as robotaxis ramp up

Robotaxis are giving commercial shape to APAC’s broader AV market, but insurers remain constrained by limited data, fragmented regulation, and unresolved liability questions.

Japan FSA plans tighter oversight on insurance sales conduct

The proposals would require agencies to set clearer standards for recommendations, give customers fuller explanations and strengthen internal oversight.

Japan life insurers post 10% premium growth in December amid bond pressures, rising surrenders

Premium income and new annuity sales strengthen even as rising policy surrenders, bond yield pressures, and higher operating expenses weigh on the sector.

Japan GI premiums grow 5.6% in Q4 on fire, motor strength

A 13% increase in fire premiums, alongside contained motor claims, helped balance weaker marine and transit trends.

Japan’s economic solvency shift exposes gaps among smaller players

Japan’s move to market-consistent solvency reporting will bring new pressures on capital adequacy and risk management.

Sompo receives regulatory green light for US$3.5bn Aspen acquisition

The deal, expected to close in the coming days, will see Japanese insurer leverage Aspen’s Lloyd’s syndicate and capital markets platform to boost its international growth strategy.

Vietnam breaks from Asia’s soft market trend as commercial rates rebound to 15% in Q4

Korea led the region’s softening with a 17% composite rate drop, while Taiwan and Hong Kong SAR also posted double-digit declines, according to Marsh data.

Japan and India buck regional slide as Asia-Pacific insurance dealmaking declines further in 2025

With only two $1bn-plus transactions all year, buyers shifted toward smaller, distribution-led plays and selective cross-border bets.

Sumitomo Life to withdraw all agency secondees after finding evidence of improper data sharing

The insurer identified 780 instances of misconduct across eight outlets between April 2022 and October 2025.

Prudential Life Japan to suspend new sales following employee misconduct

The company's minimum 90 day voluntary suspension of new sales begins on 9 February, as the insurer moves to implement governance and sales-practice reforms.

Regulators sharpen focus on growing asset-intensive reinsurance market

As AIR volume and complexity surge, insurers face rising scrutiny over collateral, counterparty and recapture risks.

APAC insurance outlook: Geopolitical unrest, technology to shape 2026

Maduro's capture sets the stage for a potentially turbulent 2026, in which insures will juggle geopolitical shifts, technology-linked challenges, and new regulatory frameworks.

Japan's non-life insurers lift Q3 premiums 3% as claims stay muted and fire losses fall

Direct premiums rose steadily across major lines, while claims growth remained restrained, and fire claims fell, supporting a modest improvement in the loss ratio.