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Point 2
Market Share of Foreign-affiliated Life Insurance Companies Will Continue to Increase |
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| It is expected that the market share of foreign-affiliated life insurance companies will increase with certainty. In the field of life insurance, failed Japanese life insurance companies have become subsidiaries of foreign affiliates. They are positively establishing sound footing in the Japanese market, as seen, for example, in the No. 6 position held in the Japanese insurance industry today by American Life Insurance Company (ALICO) Japan, and the No. 8 position marked by the Family Life Assurance Company (AFLAC). Foreign affiliates in Japan are succeeding by implementing efficient sales methods that utilize telecommunications, etc., while Japanese life insurance companies are still conducting sales activities thorough the use of a huge number of sales personnel, commonly known as "life insurance ladies" (women commonly act as sales agents). It is through such reasons that the market share of foreign-affiliated life insurance companies will continue to increase with certainty. |
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Point 3
Can Insurance Companies Develop the "Third Field" Related to the Aging of Society? |
| A new insurance area is a market known as the "third field." It is clear that there is a limit to the expansion in the sales of conventional insurance products such as life insurance and auto insurance. Increased attention is now being placed on medical insurance as well as insurance related to Long-term Care Insurance. With the rapid aging of society expected in Japan, there are expectations especially on the launch of private-sector insurance products that will supplement the government's National Health Insurance, Long-term Care Insurance, etc. With the October 2004 entry into the medical insurance field by Tokio Marine & Nichido Fire, the largest nonlife insurance company in Japan, all three Japanese nonlife majors - Tokio Marine & Nichido Fire, Mitsui Sumitomo Marine and Sompo Japan - have now advanced into this "third field." |
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