Accident Insurance Premiums to Be Raised by 4 Pct in Japan
Tokyo, Sept. 18 (Jiji Press)--Four major Japanese nonlife insurance firms will raise their accident insurance premiums by about 4 pct in October, sources familiar with the matter said Wednesday.
The simultaneous premium hike, the first in six years, reflects expectations for increasing payments of insurance claims as the share of elderly customers, who have to pay more for medical care, is rising, the sources said.
The four companies are Tokio Marine & Nichido Fire Insurance Co., Sompo Japan Nipponkoa Insurance Inc., Mitsui Sumitomo Insurance Co. and Aioi Nissay Dowa Insurance Co.
Annual premium payments for Aioi's basic plan, which provides one million yen for injury and residual disability, and 5,000 yen per day in hospital, will increase by 220 yen to 5,550 yen.
Elderly people are prone to injury, from falls, for example, and the length of treatment tends to be longer than that of young people.
[Copyright The Jiji Press, Ltd.]