Friday, September 22, 2017

Japan insurers review regional risks

Leading nonlife insurers in Japan are re evaluating damage risks per region so they can better price their insurance premiums.

The move is part of plans to adjust premiums based on the degree of risks involved.

For instance, Tokio Marine & Nichido Fire will raise premiums starting January next year for areas, including the Shikoku region, that could incur damage from a powerful earthquake along the Nankai Trough off the Pacific coast of central Japan, and from succeeding tsunami.

A review is also being done to assess risks associated with a possible major quake in Sagami Trough, located in the Pacific Ocean off Kanagawa Prefecture.

Tokio Marine will raise premiums for Tokushima, Kochi, Ehime, Wakayama, and Ibaraki prefectures by up to 50%, depending on building structure.

Back in February, Sompo Japan Nipponkoa also revised its area classification for deciding premium levels.

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