Press
Announcement on Filing of Revised Standard Full Rates of Earthquake Insurance
Release Date: August 18, 2021Pursuant to Article 9-3 Clause 1 of the Act on Non-Life Insurance Rating Organization of Japan, General Insurance Rating Organization of Japan (GIROJ; Michitaro Urakawa, Chairperson) filed revisions to the Standard Full Rates of the earthquake insurance to the Commissioner of the Financial Services Agency dated June 10, 2021.
Outline of filing
・The basic rates of premiums for the earthquake insurance are to be reduced by a national average of 0.7%.
The rates may be increased or decreased depending on the location and construction class of the building.
・The lump-sum discount factors* for the long-term contacts of the earthquake insurance are to be revised (revision of long-term coefficients).
* The discount is applicable to insurance contracts for a policy period of 2 to 5 years. The maximum policy period for earthquake insurance is 5 years.
Key background factors and points for revision
ⅰ) Compensation of insurance premium deficit in the 3-phased revisions implemented from January 2017
ⅱ) Update of various basic data
ⅲ) Revision of the basic rates of premiums by location and type of construction (including sudden change alleviation measures)
Please refer to the attachment for details.
Announcement on Filing of Revised Standard Full Rates of Earthquake Insurance [ 1,195KB ]
