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First quake insurance rate hike in 18 years: 19%

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Earthquake insurance premiums in Japan are set to increase for the first time in 18 years, reported Enformable.

Insurers can add further 19% hike in earthquake premiums by January 2017, according to an announcement made by a group commissioned by the Japanese Ministry of Finance to assess the issue. The committee had to reassess risk after the magnitude-9 earthquake that occurred in March 2011.

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