Japan Nonlife Insurers to Raise Premiums by 6-8 Pct

Economy

Tokyo, July 8 (Jiji Press)--Four major Japanese nonlife insurers plan to raise their fire insurance premiums for homes by a national average of 6 to 8 pct in January 2021, informed sources said Wednesday.

The first simultaneous premium hikes by the four since October 2019 will follow a rise in insurance payouts on the back of a series of natural disasters across the country.

They are Tokio Marine & Nichido Fire Insurance Co., Sompo Japan Insurance Inc., Mitsui Sumitomo Insurance Co. and Aioi Nissay Dowa Insurance Co.

In Japan, fire insurance policies also cover damages from wind and flooding.

The premium hikes will be made in response to a string of natural disasters, such as torrential rains in western Japan and Typhoon Jebi, which caused heavy damage to Kansai International Airport, both in 2018.

[Copyright The Jiji Press, Ltd.]

Jiji Press