Earthquake insurance rising sharply

The Japanese association of non life insurers wishes to increase earthquake insurance tariffs in 2017. This increase is set to be gradual and is spread out over three distinct periods. On January 1, 2017, the first stage of tariff increases would be of 5.1%.

Other increases would follow the next years to reach an average of 19% at the national level. In the end, some prefectures would sustain retrocession that may attain up to 50%.

This attitude comes after the publication of the report prepared by the governmental committee for seismic research.
The latter has revised upwards the likelihood of occurrence for this kind of catastrophic event, especially in Tokyo.