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Fire insurance premiums in Japan are set to increase by more than 30% in Japan's Kyushu region and Okinawa prefecture, The Japan News reported.
Nationwide, premiums will increase in regions that are at high risk of damage from natural disasters and will be reduced in low-risk regions. Nonlife insurers in the country will increase premiums by a nationwide average of 2% to 4% due to increasing risk of damage. Premiums for buildings will decrease in comparatively lower-risk areas such as Tokyo and Miyagi prefecture.