Insurers to increase rates following nearly $9 billion disaster bill

Japanese insurers plan to hike fire insurance premium rates as they expect to pay 1 trillion Japanese yen ($8.7 billion) for catastrophe-related damage in the fiscal year ending March 31, 2019, Nikkei Asian Review reported. MS&AD Insurance Group Holdings Inc. is likely to pay JPY 400 billion, while Tokio Marine Holdings Inc. and Sompo Holdings Inc. are expected to pay more than JPY 300 billion each for natural disasters-related damage. The General Insurance Rating Organization of Japan plans to increase reference rates for fire insurance by 5.5% on average.

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