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Announcement on Revision of Reference Loss Cost Rates for Fire Insurance
Release Date: December 3, 2019On October 7, 2019, General Insurance Rating Organization of Japan (Chairperson: Michitaro Urakawa), GIROJ for short, filed the revision of Reference Loss Cost Rates for fire 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 30 of the same year, it was notified of the result of the conformance examination.
Outline of revision
GIROJ revised Reference Loss Cost Rates for Homeowners’ Comprehensive Insurance as follows.
ⅰ) Rates are to be increased by an average of 4.9%.
ⅱ) Discounts are to be introduced for relatively new dwellings.
♦ The figures for revised rates and discount rates in the document below apply only to Reference Loss Cost Rates. They are not identical to the contents of revision of premiums actually charged to policyholders.
Background of revision
ⅰ) Increase in claims related to natural disasters
ⅱ) Reflection of risk differentials by building age
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Announcement on Revision of Reference Loss Cost Rates for Fire Insurance[ 608KB ]
