Catastrophe losses force insurers to hike fire insurance rates
Posted On: May. 10, 2019 5:56 AM CST
Four Japanese nonlife insurers plan to increase fire insurance premium rates up to 9% on average in October to mitigate recent catastrophe-related losses, Nippon.com 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.