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  "raw_markdown_url": "https://finwiki.zksc.io/insurance/japan-non-life-underwriting-cycle.md",
  "domain": "insurance",
  "title": "Japan non-life underwriting cycle",
  "entry_type": "wiki_entry",
  "frontmatter": {
    "title": "Japan non-life underwriting cycle",
    "aliases": [
      "japan-non-life-underwriting-cycle",
      "Japan P&C combined ratio cycle",
      "日本 損保 アンダーライティング サイクル",
      "Japan non-life big three combined ratio"
    ],
    "domain": "insurance",
    "type": null,
    "created": "2026-05-25",
    "last_updated": "2026-07-30",
    "last_tended": "2026-07-30",
    "review_by": "2026-11-25",
    "confidence": "likely",
    "tags": [
      "insurance",
      "non-life",
      "P&C",
      "japan",
      "underwriting-cycle",
      "combined-ratio",
      "reinsurance"
    ],
    "status": "active",
    "canonical_anchor": null,
    "related": [],
    "note": null,
    "sources": [
      "https://www.sonpo.or.jp/about/gaiyo/",
      "https://www.tokiomarinehd.com/en/ir/download/annual_report.html",
      "https://www.ms-ad-hd.com/en/ir/library/disclosure.html",
      "https://www.sompo-hd.com/en/ir/data/annual/",
      "https://www.fsa.go.jp/policy/economic_value-based_solvency/index.html",
      "https://www.giroj.or.jp/english/"
    ]
  },
  "summary": "This entry sits under insurance index and is the underwriting-cycle deep dive for Japanese non-life insurers. Read it together with Japan non-life big three for the entity-level routing, with nat-cat reinsurance Japan for the catastrophe pricing layer, with earthquake insurance public-private scheme",
  "headings": [
    "Japan non-life underwriting cycle",
    "Wiki route",
    "TL;DR",
    "Combined-ratio decomposition",
    "Auto market structure",
    "Tier-rating (型式別料率) reform",
    "Auto loss ratio drivers",
    "Auto expense ratio drivers",
    "Fire / property structure",
    "Catastrophe loading trends"
  ],
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