Japanese nonlife insurers review earthquake risks, hike rates

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.

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