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Catastrophe losses force insurers to hike fire insurance rates

Burned building

Four Japanese nonlife insurers plan to increase fire insurance premium rates up to 9% on average in October to mitigate recent catastrophe-related losses, reported. Tokio Marine and Nichido Fire Insurance Co. and Sompo Japan Nipponkoa Insurance Inc. plan to hike rates up to 7% while Mitsui Sumitomo Insurance Co. and Aioi Nissay Dowa Insurance Co. are considering increasing rates up to 9%. The insurers said that the rates will differ according to the structure and location of buildings in Japan.

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