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Japan: Nonlife insurers to increase premiums for earthquake insurance

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Japan's nonlife insurers are expected to raise their premium prices for earthquake insurance by an average 15.5%, reports The Japan News citing Jiji Press.

Estimates on damage from major quakes were revised following the March 2011 Tohoku earthquake and tsunami.

An executive of a nonlife insurer said prices will go up further as the revised estimates do not take into consideration a possible powerful earthquake that is seen striking the Nankai Trough.

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