Name: Why Cancer Insurance Is Bigger in Japan Than in the United States
Uploaded: 2025-12-26T20:19:00Z
Duration: 4 min 47 s
Description: Dan Amos, CEO of the insurance company Aflac, tells Barron’s Andy Serwer how the company found success in Japan and challenges it's currently facing.

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Dan Amos, CEO of the insurance company Aflac, tells Barron’s Andy Serwer how the company found success in Japan and challenges it's currently facing.

https://m.wsj.net/video/20251226/aa3d060e-e1c4-4e86-95fc-92d391a22397/1/hls/manifest-hd-wifi.m3u8

Why Cancer Insurance Is Bigger in Japan Than in the United States

Let's get back to the business a little bit, Dan. Some 70% of the company's revenue, as much as I should say, comes from Japan, which is the world's second largest insurance market. I think you insure one of every four households there, tens of millions of people. Why Japan? What is it about that country?

Well, Japan, first of all, what happened is John Amos, my uncle, went to Osaka to the World's Fair, and he noticed a thriving economy. And back then, we know what this means, but we didn't know at that time, he noticed people wearing surgical masks and he asked why. And they said, "Well, it was to stop the spread of a cold." And his comment was, "Anybody that'll do that will buy insurance. I gotta get licensed there." And he spent four years working on getting the license. And finally, in 1974, we received license and last year was our 50th year doing business in Japan.

Right. A big part of that is the cancer insurance business, which you mentioned. Why is that bigger in Japan, Dan, than in the United States, the cancer insurance business?

Well, I think first of all, they thought they were having, back in the early '70s, an epidemic of cancer. They weren't. They just weren't living long enough to get it. The life expectancy around right after the war was about 50 something years old. It's now extended to 80-years-old. So, cancer is a disease of age. The older you get, the higher the incidence rate goes. So people thought it was such a big issue, they wanted to buy something to cover. So, we were the second company to be licensed in Japan. And we came up conceptually with the idea of offering a life insurance product, but it paid 10 times that amount if you died of cancer. And then, we paid so much a day for every day you're in the hospital. Now, from there, it expanded beyond that. But the other thing we were gonna do is set it up where we could sell our product within the corporations. So, a Toyota, or Mizuho Bank, or whatever it might be, 90% of all the companies on the Tokyo Stock Exchange offer their our product to their employees. And then, we pay the commission to the company. And ultimately, it's a cycle that worked very well for us.

Right. I mean, it's a very stable economy there. I'm sure you have a pretty low default rates and all that, but it's an aging population, declining population. How are the demographics of that country treating you?

Well, anytime you're in a situation where the population is getting smaller, it's an issue for us, but we've been able to broaden our product lines and come out with new products, as well as reinvent a the existing product in some new form. For example, with the cancer product, now it pays expenses like radiation, cobalt, things on those lines, or it does outpatient treatments. We didn't have that originally. So, it's evolved with time with treatments and how they've changed. The other thing is when we started, there were no copays or deductibles in Japan in their national healthcare. It then went from 10% to 20% and now to 30%. And we think, again, it can go up more, we don't know, but they're trying to take control of their healthcare costs. Also, the number of days in the hospital in Japan, you went from the hospital directly back to work. In our society, everyone's got an extra bedroom. And so when someone gets sick, you take 'em from the hospital and bring 'em home. They didn't do that. So, the average number of days in the hospital for cancer treatments back when we started was about 45 days. It was on, it was less than eight days and now, it's even gotten less in the United States. So, that's an adjustment as well.