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Business Insurance Companies In Japan

Thinking about Starting a Business in Japan?

Even after the big earthquake that struck Japan in 2011, the number of non-Japanese companies in Japan continues to increase. When the National Tax Agency JAPAN released their annual report for 2015, it showed that after 2011, the number of foreign corporations has increased by 16% in two years.

There are many reasons to open business in Japan. As many expats living in Japan say, the most attractive point for them to settle in Japan is the feeling of safety. Especially for women and those who have children, they say it is the best part since they don’t need to worry when roaming around. Also, the public transportation system such as trains and subways, especially in Tokyo area provide you easy access from town to town with inexpensive transportation fees and safety.

For those who are willing to start up their business in Japan, there must be more than safety and convenience of transportation there.

The report from “World Economic Forum” reveals that in terms of global competitiveness, Japan is ranked 6th in the world. It is the 2nd highest ranked among Asian countries.

If global market is your target, Japan’s ‘Business sophistication rank’ and ‘Market size rank’ of Japan may not seem interesting, but for sure it is very inspiring to get more ideas for your business. Even world famous unique tech creators like Apple Inc. is willing to move their research and development center in Yokohama, Japan (based on the article from The Wall Street Journal Japan, released on March 26, 2015). That tells you something, right?

Starting Up Your Business in Japan

To start up your business in Japan, there are many things to be considered. First, you should know the system of Japanese laws and regulations regarding the establishment of a company.

1. Incorporated

There’s four types of corporation in Japan. Weigh the advantages and disadvantages by looking through the comparison table.

Example of establishing small K.K. procedures and how many days it will take for each process

2. Visa, Residence and Tax

If you want to live in Japan and become a director or a partner at your own company, there will be a big issue of acquiring Investor/Business Manager Visa.
Although, you don’t have to live in Japan to open your business in Japan. There’s three ways to do it.

Representative office: The establishment of representative offices doesn’t require registration, but they cannot open bank accounts by the name.
Branch office: Having branch in Japan requires registration.
Subsidiary company: The procedures and conditions of establishing a subsidiary company is as same as establishing a Japanese company.

If you can find a Japanese company to establish Joint Venture, that could also be an alternative.

Taxation is also an important thing to consider when choosing the type of company you are establishing.

3. Human Resource

If you are willing to hire someone, the government will require you to do things for the workers you are going to hire, but will also support you with recruitment.

Laws and Regulations

The Japan has laws regarding the protection of workers such as minimum standards on working conditions and minimum wage. The laws apply to all companies in Japan, regardless of whether the worker and the company is Japanese or non-Japanese.

Recruitment

If you are looking for Japanese workers, there are government-run employment agencies called “Hello Work”. They have offices throughout Japan. They provide both employers and employees with support of matchmaking for free.

Social Security System/Insurance

Everybody residing in Japan is part of the Japan insurance system such as the public health insurance and pension insurance.

There are four different kinds of insurance systems that companies are obliged to take part in.

  1. Worker’s Accident Compensation Insurance
  2. Employment Insurance
  3. Health Insurance and Nursing Care Insurance
  4. Employee’s Pension Insurance

To avoid double insurance, there are agreements that have been signed between countries.

Excerpt from Social security agreements between Japan and other countries

Social and Labor Insurances procedures when setting up a company and hiring staff

4. Finding partner

Finding good partner is very important. If you can find a tax and accounting firm who is knowledgeable about both Japanese and international business and taxation as your partner/consultant, you can concentrate on your business without worries.

On next article, we are going to tell you about taxation related with foreign company or foreigner, and the trend on taxation in borderless age.

Top 10 Best Insurance Companies in The World

There are various risks that we may face during our life time. Accidents, illness or diseases or even death will lead to financial problems and insuring oneself will make the ones financially dependent feel secure. Insurance is something that helps us stay risk free. Even if disaster strikes we would have the financial stability to survive. There are several insurance companies from around the world that provide insurance coverage to the people who are dependent on the insurance holder. Here we present the list of the top 10 best insurance companies of the world in 2018.

10. Allianz SE:

Another company from Munich, Germany Allianz Se was founded in 1890 and is a leading financial services company, providing products and services from insurance to asset management. Allianz caters to customers in more than 70 countries with €1.8 billion in assets under management. Insurance products range from property and casualty products to health and life insurance products for corporate and individual customers the largest financial services group and the largest company according to a composite measure by Forbes magazine. In 2015, total revenues reached a new high of €125.2 billion Euros.

9. Japan Post Holding Co., Ltd.:

The Japan Post Holding Co., Ltd. is a government owned company in Japan. The company has four primary divisions: Japan Post Service (for mail delivery), Japan Post Network (runs the post offices), Japan Post Bank (deals with banking functions), and Japan Post Insurance (provides life insurance). Japan Post Insurance operates within Japan Post Holding to provide insurance to its clients. The insurance sector makes use of the post offices nationwide network, in addition to its own sales offices, to reach out and provide services to the clients. Japan Post Holding, which went public in 2015, reported consolidated after-tax profits of $3.84 billion from April through December of 2015. The group runs the largest insurer in Japan (Japan Post Insurance).

8. Assicurazioni Generali S.p.A.:

The Generali group founded in 1831, is the largest insurance company of Italy and is located in Trieste. The Generali Group’s branches have spread world-widen and is a prominent player in the field of global insurance and financial products. It is located in more than 60 countries, with dominance in Western, Central and Eastern Europe. The main area of focus has been life insurance, offering diverse products from family protection and savings polices to unit-linked insurance plans. It also specializes an equally diverse range of products in the non-life segment as well, such as coverage of car, home, accident, and health, along with coverage of commercial and industrial risk. The group has 77,000 employees and a client base of 65 million people worldwide. It has €480 billion in assets under management and is one of the world’s 50 largest companies.

7. Munich Re Group:

Hailing from Munich, Germany The Munich Re Group operates in all lines of insurance and has established itself in 30 countries, with focus on Asia and Europe. It was founded in 1880 and is one of the world’s leading reinsurers. The company’s primary insurance operations are carried out by its subsidiary, ERGO Insurance Group, which offers a comprehensive range of insurance, services and provision. Its newest addition, Munich Health, parlays the group’s risk-management and insurance expertise into the health care field. It has around 45,000 employees worldwide, working in all businesses of insurance: life reinsurance, health reinsurance, accident reinsurance, liability business, motor reinsurance, property-casualty business, marine reinsurance, aviation reinsurance and fire reinsurance. The Munich Re Group reported a profit of €3.1 billion in 2015.

6. United Heath Group:

The UnitedHealth Group Inc. (UNH) is an American group hailing from Minnetonka, Minnesota. It tops the list of diversified health care businesses in the United States. It has two business platforms – United Healthcare for health benefits and Optum for health services. It serving more than 85 million people in every U.S. state and 125 countries. The main aim of The UnitedHealth Group is to provide resources in clinical care to improve the performance of the health care services sector. The company reported revenue of $157.1 billion in 2015. Fortune quoted UnitedHealth Group as the “World’s Most Admired Company” in the insurance and managed care sector for six years in a row.

5. Prudential plc.:

Prudential plc (PUK) was founded in London in May 1848 as The Prudential Mutual Assurance Investment and Loan Association to provide loans to professional and working people. An insurance and financial services brand with operations catering to 24 million customers across Asia, the Prudential Corporation Asia, Prudential U.K., Jackson National Life Insurance Company and M&G Investments are the main businesses within the group. It has 12 Asian markets and is a top-three provider of life insurance in Hong Kong, India, Indonesia, Malaysia, Singapore, the Philippines and Vietnam.It has approximately 22,308 employees worldwide, with assets under management worth £509 billion.

4. Berkshire Hathaway:

Berkshire Hathaway Inc. is an American multinational conglomerate holding company headquartered in Omaha, Nebraska, United States. It was founded in 1889 and is associated with Warren Buffet, who has transformed this company into one of the largest in the world. It is now a leading investment manager, engaging in insurance, and other sectors such as rail transportation, finance, utilities and energy, manufacturing, services and retailing through its subsidiaries. The company wholly owns GEICO, BNSF, Lubrizol, Dairy Queen, Fruit of the Loom, Helzberg Diamonds, FlightSafety International, and NetJets, and also owns 26% of the Kraft Heinz Company. Berkshire now owns a diverse range of businesses including confectionery, retail, railroad, home furnishings, encyclopedias, manufacturers of vacuum cleaners, jewelry sales, newspaper publishing, manufacture and distribution of uniforms, and several regional electric and gas utilities.

3. China Life Insurance:

Known as China Life Insurance (Group) Company or LFC is one of Mainland China’s largest life insurance and annuity Products Company. It is a key player in the Chinese capital market as an institutional investor. The company dates back to 1949 when the People’s Insurance Company of China (PICC) was formed. It parted ways from PICC (Life) Co. Ltd in 1996. Even though the company had a rocky start it has seven subsidiaries currently. The businesses are spread across life insurance, pension plans, asset management, property and casualty, investment holdings and overseas operations. The company is listed on the New York Stock Exchange, the Hong Kong Stock Exchange and the Shanghai Stock Exchange and has made an investment in the Boston Waterfront Project.

2. Zurich Insurance Group:

Founded in 1872 this Swiss Insurance company known as Zurich or Zurich Insurance Group, is Switzerland’s largest insurer. Along with its subsidiaries it has branches in more than 170 countries, providing insurance products and services. The main businesses of Zurich include general insurance, global life and farmers insurance. Its employee strength is over 55,000 and the company is listed on the SIX Swiss Exchange Zurich provides insurance facilities to various individuals and businesses of all sizes: small, mid-sized and large-sized companies and even multinational corporations. Total revenues in 2015 were $60.568 billion.

AXA is a French multinational insurance firm with over 102 million customers in 56 countries and an employee base of 157,000 and is headquartered in the 8th arrondissement of Paris that engages in global insurance, investment management, and other financial services. Being among the world’s leading insurance groups, it origin goes back to 1817 when various insurance companies merged to create Acanthi company is rooted in various parts of Africa, North America, Central and South America, Asia Pacific, Europe and the Middle East. AXA is a conglomerate of independently run businesses, operated according to the laws and regulations of many different countries. The company is a component of the Euro Stoxx 50 index. The AXA Group reported total revenues of €99 billion for fiscal year 2015.

This was the list of the top 10 best Insurance companies in the world 2018. There are various other companies that offer various other policies but picking the right ones count. The insurance plan that you select will determine your stability during a crisis. A few other notable insurance companies are ING Group (ING),AIA Group Ltd., American International Group, Inc. (AIG), Manulife Financial Corporation (MFC), and MetLife, Inc. (MET).A few things to consider would be the financial stability, previous claims, rates and discounts and offering of policies according to your needs.

World’s Top 10 Insurance Companies

“I am prepared for the worst, but hope for the best.”

Insurance helps us to do exactly what this quote suggests. We all face many kinds of risks: risk of meeting with an accident, falling sick, being a victim of a natural disaster or fire, and above all risk of life. All these risks not only come with pain and suffering but also hurt financially. Insurance is one way of being prepared for the worst; it offers the surety that the economic part of the pain will be taken care of. In this article, we take a look at some of the top insurance companies. There are many criteria on the basis of which such a list can be prepared: premium collections, market capitalization, revenue, profit, geographical area, assets and more. The following list focuses on a number of factors and the insurance companies on it are in no particular order.

With over 102 million customers in 56 countries and an employee base of 157,000, AXA is one of the world’s leading insurance groups. Its main businesses are property and casualty insurance, life insurance, saving and asset management. Its origin goes back to 1817 when several insurance companies merged to create AXA. The company is headquartered in Paris and has a presence across Africa, North America, Central and South America, Asia Pacific, Europe and the Middle East.

In 2013, AXA as a move to increase its foothold in Latin America acquired 51% of the insurance operations of Colpatria Seguros in Colombia. During the same year, AXA became the largest international insurer operating in China as a result of its 50% acquisition of Tian Ping (a Chinese property and casualty insurer). In addition, the company acquired the non-life insurance operations of HSBC in Mexico. The AXA Group reported total revenues of €99 billion for fiscal year 2015.

2) Zurich Insurance Group

Zurich Insurance Group, a Switzerland-headquartered global insurance company, was founded in 1872. Zurich Group, together with its subsidiaries, operates in more than 170 countries, providing insurance products and services. The core businesses of Zurich include general insurance, global life and farmers insurance. With its employee strength of over 55,000, Zurich caters to the vast insurance needs of individuals and businesses of all sizes: small, mid-sized and large-sized companies and even multinational corporations.

Total revenues in 2015 were $60.568 billion.

3) China Life Insurance

China Life Insurance (Group) Company (LFC) is one of Mainland China’s largest state-owned insurance and financial services companies, as well as a key player in the Chinese capital market as an institutional investor. The origin of the company goes back to 1949 when the People’s Insurance Company of China (PICC) was formed. Its offshoot PICC (Life) Co. Ltd was created after parting ways with PICC in 1996. PICC (Life) Co. Ltd was renamed as China Life Insurance Company in 1999. The China Life Insurance Company was restructured in 2003 as China Life Insurance (Group) Company, which has seven subsidiaries. The businesses are spread across life insurance, pension plans, asset management, property and casualty, investment holdings and overseas operations.

The company is listed on the New York Stock Exchange, the Hong Kong Stock Exchange and the Shanghai Stock Exchange, and is the biggest public life insurance company in terms of market capitalization in the world.

4) Berkshire Hathaway

Berkshire Hathaway Inc. (BRK.A) was founded in 1889 and is associated with Warren Buffet, who has transformed a mediocre entity into one of the largest companies in the world. Berkshire Hathaway is now a leading investment manager conglomerate, engaging in insurance, among other sectors such as rail transportation, finance, utilities and energy, manufacturing, services and retailing through its subsidiaries.

It provides primary insurance, as well as reinsurance of property and casualty risks. Companies like Berkshire Hathaway Reinsurance Group, GEICO, Berkshire Hathaway Primary Group, and General Re, National Indemnity Company, Medical Protective Company, Applied Underwriters, U.S. Liability Insurance Company, Central States Indemnity Company and the Guard Insurance Group are subsidiaries of the group.

5) Prudential plc

Prudential plc (PUK) is an insurance and financial services brand with operations catering to 24 million customers across Asia, the U.S., the U.K and most recently Africa. Prudential was founded in United Kingdom in 1848. Prudential Corporation Asia, Prudential U.K., Jackson National Life Insurance Company and M&G Investments are the main businesses within the group. Jackson is a prominent insurance company in the United States, while Prudential U.K. is one of the leading providers of pension and life.

Prudential plc is listed on the stock exchanges of London, Hong Kong, Singapore and New York. It has approximately 22,308 employees worldwide, with assets under management worth £509 billion.

6) United Heath Group

The UnitedHealth Group Inc. (UNH) tops the list of diversified health care businesses in the United States. Its two business platforms – UnitedHealthcare for health benefits and Optum for health services – work together, serving more than 85 million people in every U.S. state and 125 countries. The UnitedHealth Group uses its experience and resources in clinical care to improve the performance of the health care services sector.

The company reported revenue of $157.1 billion in 2015. Fortune has featured UnitedHealth Group as the “World’s Most Admired Company” in the insurance and managed care sector six years in a row.

7) Munich Re Group

Founded in 1880, Munich Re Group operates in all lines of insurance and has a presence in 30 countries, with focus a on Asia and Europe. The company’s primary insurance operations are carried out by its subsidiary, ERGO Insurance Group, which offers a comprehensive range of insurance, services and provision. Munich Re Group’s home market is Germany, where ERGO is a leader in all areas of insurance. The group’s newest arm, Munich Health, parlays the group’s risk-management and insurance expertise into the health care field.

The group has around 45,000 employees worldwide, working in all businesses of insurance: life reinsurance, health reinsurance, accident reinsurance, liability business, motor reinsurance, property-casualty business, marine reinsurance, aviation reinsurance and fire reinsurance. The Munich Re Group reported a profit of €3.1 billion in 2015.

8) Assicurazioni Generali S.p.A.

Assicurazioni Generali, founded in 1831, is the Assicurazioni Generali Group’s parent company. The Generali Group is not only a market leader in Italy, but is also counted as a prominent player in the field of global insurance and financial products. The group, with a presence in more than 60 countries, is an international brand with dominance in Western, Central and Eastern Europe. The Generali Group’s prime focus has been life insurance, offering diverse products from family protection and savings polices to unit-linked insurance plans. It offers an equally diverse range of products in the non-life segment as well, such as coverage of car, home, accident, and health, along with coverage of commercial and industrial risk.

The group has 77,000 employees and a client base of 65 million people worldwide. It has €480 billion in assets under management and is one of the world’s 50 largest companies.

9) Japan Post Holding Co., Ltd.

The Japan Post Holding Co., Ltd. is a major state-owned conglomerate in Japan. The company has four primary divisions: Japan Post Service (for mail delivery), Japan Post Network (runs the post offices), Japan Post Bank (deals with banking functions), and Japan Post Insurance (provides life insurance). Japan Post Insurance operates within Japan Post Holding to provide insurance to its clients. The insurance arm makes use of the post offices nationwide network, in addition to its own sales offices, to reach out and provide services to the clients.

Japan Post Holding, which went public in 2015, reported consolidated after-tax profits of $3.84 billion from April through December of 2015. The group runs the largest insurer in Japan (Japan Post Insurance).

10) Allianz SE

Founded in 1890, Allianz SE is a leading financial services company, providing products and services from insurance to asset management. Allianz caters to customers in more than 70 countries with €1.8 billion in assets under management. Insurance products range from property and casualty products to health and life insurance products for corporate and individual customers. The company is headquartered in Germany.

In 2015, total revenues reached a new high of €125.2 billion euros.

The Bottom Line

Some of the other reputable names in the insurance business are ING Group (ING), Prudential Insurance Company of America (a subsidiary of Prudential Financial, Inc., PRU), AIA Group Ltd., Ping An Insurance Company of China, Ltd., American International Group, Inc. (AIG), Manulife Financial Corporation (MFC), and MetLife, Inc. (MET). Picking the right insurance company to invest in is important and should not be based on a company’s size alone. A few things on your check list should be the company’s rating, its financial strength, if the company specializes in any particular type of insurance, refusal of claims in the past, proximity of office, premium rates and discounts offered on multiple policies.

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