The nonlife insurance industry stands at a crossroads as it confronts the need to overhaul its long-standing business model.
For nearly three decades, since the revision of the insurance business law in 1996, the sector has undergone steady deregulation. A series of recent scandals, however, has brought to light deeply entrenched and problematic business practices within the industry.
As Japan moves toward an era of fairer competition, nonlife insurers now face pressure to reform their business structures and adapt to new market expectations.
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