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Aug 2020

Japan: Fire insurance premiums to be increased in wake of typhoons

Source: Asia Insurance Review | Nov 2019

Fire insurance premium rates are expected to increase in the financial year starting 1 April 2020 (FY2020). 
Major non-life insurance companies have just raised their prices on the first of this month, but insurance payments for losses suffered due to natural disasters such as typhoons are increasing. This has led the reference net rate to harden. The increase in the reference net rate is expected to be around 5%. 
Non-life insurance companies use the reference rate as a guide to decide the insurance premium rate and when to increase it. 
Japan has been hit by a series of powerful typhoons, causing billions in losses. They are notably, typhoon Jebi in September 2018, typhoon Faxai in September 2019 and typhoon Hagibis last month. The last was the worst to lash Japan in 60 years. A 
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