Towards a 10% increase in fire rates in Japan

According to sources, four Japanese non-life insurers are reportedly set to increase fire policy rates by 10% in October 2024.

The rising number of claims and the high repair costs are some of the factors believed to be driving insurers to revise their fire premium rates upwards.

The companies in question are Tokio Marine & Nichido Fire Insurance, Sompo Japan Insurance, Mitsui Sumitomo Insurance and Aioi Nissay Dowa Insurance.