Moody's said it has given a negative outlook to the Japanese property-casualty market because of limited growth opportunities for the auto insurance segment–a large part of major Japanese p-c insurers' portfolios.
Moody's added that all p-c insurers' ratings still have stable outlooks.
"Given the stagnating Japanese population, the likelihood that the number of automobiles owned in Japan will keep increasing is not high," said Moody's, noting that they had decreased for the fiscal year ending in March for the first time since World War II.
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