GlobalData has revised Japan’s general insurance forecast in the aftermath of the Covid-19 pandemic. As per the latest data, the general insurance industry in Japan is expected to grow at a compound annual growth rate of 2.6 per cent over 2020-2025, primarily due to recovery in economy after a decline in 2020.
Shabbir Ansari, Insurance Analyst at GlobalData, commented: “Japanese economy declined by 4.6 per cent in the fiscal year ending March 2021 due to the recurrence of new Covid-19 variants and slow vaccine rollout. Restrictions imposed on manufacturing and construction activities translated into slower growth of general insurance lines of business in 2020.”
When it comes to travel insurance, while many will perceive Tokyo 2020’s tourism legacy to be overwhelmingly negative, some positives can still be drawn.