Fire Insurance Premium Hikes Planned for Oct.

Economy

Tokyo, May 9 (Jiji Press)--Four major Japanese nonlife insurers plan to raise their fire insurance premium rates by an average of 5 to 9 pct in October, it was learned Thursday.

The premium hike, the first in four years, comes after insurance payments increased due to a recent string of natural disasters, including Typhoon Jebi and torrential rains in western Japan in 2018.

The companies hope to improve their balance sheets by raising their premiums.

Tokio Marine & Nichido Fire Insurance Co. is considering an average hike of 6 to 7 pct nationwide, while Sompo Japan Nipponkoa Insurance Inc. plans to raise its premiums by 5 to 7 pct. Mitsui Sumitomo Insurance Co. and Aioi Nissay Dowa Insurance Co. plan a hike of 6 to 9 pct.

The exact rates differ according to the structure and location of buildings.

[Copyright The Jiji Press, Ltd.]

Jiji Press