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A Japanese nonlife insurers' association has reported its plans to increase earthquake insurance premium rates to the country's Financial Services Agency, reported The Japan Times.
The association plans to increase the rates by 19% on average across Japan in three stages from 2017. The General Insurance Rating Organization of Japan said that the premium rates will increase by an average of 5.1% in January 2017. The premium rates for buildings made of fireproof materials will be increased in the country's 36 prefectures.