Fire insurance rates to rise in Japan

Moody's expects fire insurance rates to increase in Japan. Japanese non-life insurers will also gradually reduce the duration of insurance contracts from 10 to 5 years and implement a location-based rating system.

Reinsurance premiums are also expected to rise, according to the rating agency.

All of these measures would allow local companies to boost the fire sector, which has been heavily impacted by the high number of natural catastrophe claims.