Four major Japanese non-life insurers plan to raise their fire insurance premium rates by an average of 5-9% in October, reported Jiji Press.
The premium hike, the first in four years, comes after insurance payments increased due to a recent string of natural disasters, including Typhoon Jebi and torrential rains in western Japan in 2018.
The companies hope to improve their balance sheets by raising their premiums.
Tokio Marine & Nichido Fire Insurance is considering an average hike of 6-7% nationwide, while Sompo Japan Nipponkoa Insurance plans to raise its premiums by 5-7%. Mitsui Sumitomo Insurance and Aioi Nissay Dowa Insurance plan a hike of 6-9%.
The exact rates differ according to the structure and location of buildings.