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Announcement on Revision of Reference Loss Cost Rates of Fire Insurance
Release Date: July 30, 2021Pursuant to Article 9-1 Clause1 of the Act on Non-Life Insurance Rating Organization of Japan, the General Insurance Rating Organization of Japan (GIROJ; Michitaro Urakawa, Chairperson) filed revisions to the Reference Loss Cost Rates of the fire insurance to the Commissioner of the Financial Services Agency dated May 21, 2021, and on June 16, 2021, it was notified that the revision was confirmed to Article 8 of the Act.
Outline of filing
Reference Loss Cost Rates of Homeowners’ Comprehensive Insurance are to be increased by a national average of 10.9 %.
♦ The figures for revised rates of Reference Loss Cost Rates differ from revised rates of insurance products that policyholders purchase from insurance companies.
Key background factors for revision
ⅰ) Increase in natural hazard risk
ⅱ) Reflection of risk trend
Please click the link below for further information.
Announcement on Revision of Reference Loss Cost Rates of Fire Insurance[ 555KB ]
