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Japan’s non-life insurance market remains sustainable

AM Best has maintained its stable market segment outlook for Japan's non-life insurance segment. In a new Best’s Market Segment Report, “Market Segment Outlook: Japan Non-Life Insurance,” the global credit rating agency said that Japan’s economic recovery continued in the fiscal year 2021, although certain business segments still faced pressures. AM Best considers the earnings base of Japan’s non-life insurance companies to be sustainable. AM Best is of the view that underwriting results for most major domestic non-life insurers will retreat moderately for fiscal year 2022. Given the increase in catastrophe occurrences in recent years, most major non-life companies in Japan recognize the need to raise the profitability and sustainability of their fire insurance products.

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