The number of captives is not taking off

According to a recent report from AM Best, the number of Japanese captives only is hardly growing while the country is the third largest economy worldwide.

The rating agency explains this by the existence of close links between industrial groups and insurance companies. The weakness of the third party liability insurance market also explains this phenomenon. AM Best is not considering any change in the short term.
In view of the observations and discussions with professionals of the market, the number of captives will evolve slowly.