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Announcement on Filing of Revised Standard Full Rates for Earthquake Insurance

Release Date: July 12, 2019

On May 28, 2019, General Insurance Rating Organization of Japan (Chairperson: Michitaro Urakawa), GIROJ for short, filed the revised Standard Full Rates for earthquake insurance with the Commissioner of the Financial Services Agency, based on the second sentence of Paragraph 1 of Article 9-3 of the Act on Non-life Insurance Rating Organizations.

Outline of filing

Since the initial filing on September 30, 2015, Standard Full Rates for earthquake insurance have been through a three-phased revision process. The filed rates this time are for the final revision. The details of the filing are as follows.

1. The basic rates are to be increased by a national average of +5.1%.

 The indicated rate changes vary based on the combination of prefecture and construction class (A or B) *, with a maximum increase of + 14.7% (construction class B in Fukushima prefecture) and a maximum decrease of - 18.1% (construction class A in Aichi, Mie, and Wakayama prefectures).

    * Construction class A: Mainly non-wooden buildings; Construction class B: Mainly wooden buildings.

 The transitional measure* for the basic rates is also to be revised.

    * The transitional measure is applicable to the contracts for some buildings in construction class B.

2. The Lump-sum discount factors* for long-term contracts are to be revised (revision of long-term coefficients).

     * The discount factors are applicable to contracts for a policy period of two to five years. The longest policy period for earthquake insurance contracts is five years.


[Three-phased revision process]

  • 1st phase: Filed on September 30, 2015 and revised on January 1, 2017 (a national average increase of +5.1%)
  • 2nd phase: Filed on June 15, 2017 and revised on January 1, 2019 (a national average increase of +3.8 %)
  • 3rd phase: Filed on May 28, 2019; a revision date is yet to be announced (a national average of +5.1%)


Please click the link below for further information.

Announcement on Filing of Revised Standard Full Rates for Earthquake Insurance [ 599KB ]