U.S. - JAPAN TRADE: The Japanese Insurance Market.

U.S. insurers have raised concerns about Japans implementation of bilateral insurance agreements entered into with the United States in 1994 and 1996. In recent years, Japan has taken some actions to deregulate its insurance market, both in accordance with these agreements and as part of its overall efforts at financial deregulatory reform. However, some U.S. insurance industry representatives have stated that the measures taken to date are insufficient The U.S. and Japanese governments differ regarding the extent to which the agreements have been implemented. The insurance market in Japan is divided into three sectors. The first sector consists of standard life insurance products the second sector consists of standard non-life insurance products mostly automobile and fire policies. These two sectors combined are called the primary sector. In addition to the primary sector, a third sector of the Japanese insurance market includes certain life and non-life niche products such as cancer insurance and personal accident insurance.