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Announcement on Revision of Reference Loss Cost Rates of Voluntary Automobile Insurance
Please note:
As there were certain errors in the calculation process, these errors were corrected and the revision of Reference Loss Cost Rates of the voluntary automobile insurance was refiled on September 22, 2021.
Due to this change, the contents of this page have been outdated. Please refer to the following link for the updated contents.
Under Article 9-1 Clause 1 of the Act on Non-Life Insurance Rating Organization of Japan, General Insurance Rating Organization of Japan (GIROJ; Michitaro Urakawa, Chairperson) filed the revision of Reference Loss Cost Rates of the voluntary automobile insurance to the Commissioner of the Financial Services Agency dated June 21, 2021, and on June 30, 2021, it was notified that the revision was confirmed to Article 8 of the act.
Outline of filing
ⅰ) Reference Loss Cost Rates of the voluntary automobile insurance are to be decreased by an average of 3.8%.
ⅱ) Rate differentials (surcharge or discount) between risk classifications are to be revised.
ⅲ) Reference Loss Cost Rates of the bodily injury indemnity coverage are to be set additionally.
♦ 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) The number of traffic accidents has been reduced by the promotion of advanced driver-assistance technologies, etc.
ⅱ) Latest insurance statistics, etc., will be reflected in risk differentials.
ⅲ) Bodily injury indemnity coverage has prevailed and is well established in the market.
Please click the link below for further information.
Announcement on Revision of Reference Loss Cost Rates of Voluntary Automobile Insurance [ 880KB ]
