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1、This report does not constitute a rating actionJapan Insurance Sector Outlook 2023Outlook Stable;Whats the impact of rising interest rate in Japan?Toshiko Sekine,DirectorEiji Kubo,DirectorFinancial Services RatingsFebruary 22,2023Agenda Global Insurance Sector Japan Insurance Sector Outlook Key Take

2、aways Macroeconomic Outlook Life Insurance Sector Non-Life Insurance Sector The Hazards of Rising Interest Rates The New Economic Solvency Regulation and Views on IFRS 17 Case Study Q&AGlobal Insurance Sector:Insurance Is One Of The Highest Rated Sectors Globally,But Adverse Economic Forces Are At P

3、lay Despite macroeconomic headwinds,insurance ratings remain among the highest globally.However,financial market volatility,economic slowdown,and inflation raise uncertainties.Rise in interest rates is positive for investment income.Covid-19 continued to affect insurance claims in the United States

4、and Asia in 2022,but will it settle down in 2023?The outlook for the global reinsurance sector remains negative from 2020.The outlook for the US non-life insurance sector changed to negative in October 2022.Rising interest rates,inflation and natural disasters are the main drivers.Japan Insurance Se

5、ctor Outlook-Key TakeawaysDespite financial market volatility,Japan-based insurers creditworthiness will likely remain stable in 2023,supported by enhanced capital bases.A moderate increase in domestic interest rates should benefit life insurers.Natural catastrophe-related losses remain non-life ins

6、urers largest risk.Interest rate increases puts downward pressure on the current solvency ratio but has a neutral or positive impact on the economic solvency ratio,complicating the transition to new solvency regulation.Macroeconomic Outlook(1)S&P forecasts GDP growth rate of major countries to decli