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Announcement on Revision of Reference Loss Cost Rates for Voluntary Automobile Insurance
Release Date: December 4, 2018On September 26, 2018, General Insurance Rating Organization of Japan (Chairperson: Michitaro Urakawa), GIROJ for short, filed a revision of Reference Loss Cost Rates for voluntary automobile insurance with the Commissioner of the Financial Services Agency based on the second sentence of Paragraph 1 of Article 9 of the Act on Non-life Insurance Rating Organizations. On October 23, in the same year, it was notified that the filing conforms to the provisions of Article 8 of the Act.
Outline of revision
In Reference Loss Cost Rates for voluntary automobile insurance, the “model-based group rating system” will be restructured as shown below. The new system will be applied for voluntary automobile insurance policies, which will commence on and after January 1, 2020.
1. For private standard- and small-size passenger automobiles―
The existing nine classes under the “model-based group rating system” will be subdivided into 17
2. For private light four-wheeled passenger automobiles―
The “model-based group rating system” will be newly introduced, and models will be divided into three classes
Please click the link below for further information.
Announcement on Revision of Reference Loss Cost Rates for Voluntary Automobile Insurance [ 835KB ]
