Japanese nonlife insurers review earthquake risks, hike rates
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Major Japanese nonlife insurers are reviewing their earthquake insurance premiums and reassessing damage risks region by region, The Japan Times reported. Tokio Marine & Nichido Fire Insurance Co. Ltd. plans to increase premiums for Tokushima, Kochi, Ehime, Wakayama and Ibaraki prefectures by up to about 50% in January 2018. Meanwhile, Sompo Japan Nipponkoa Insurance Inc. revised its area classification for deciding premium levels in February, and raised premiums for coastal areas that are vulnerable to tsunami.
