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Partial Amendment to the Revision of Reference Loss Cost Rates of Voluntary Automobile Insurance
Release Date: November 25, 2021General Insurance Rating Organization of Japan (GIROJ; Michitaro Urakawa, Chairperson) refiled the revision of Reference Loss Cost Rates of the voluntary automobile insurance to the Commissioner of the Financial Services Agency dated September 22, 2021, under Article 9-1 Clause 1 of the Act on Non-Life Insurance Rating Organization of Japan, after correcting certain errors in the calculation process regarding the revision of Reference Loss Cost Rates of the voluntary automobile insurance filed on June 21, 2021. Accordingly, on September 28, 2021, it was notified that the revision was confirmed to Article 8 of the Act.
As a result of this amendment, the contents of “Announcement on Revision of Reference Loss Cost Rates of Voluntary Automobile Insurance” released on September 3, 2021 have been changed, as shown below.
Average percentage change(on pages 1 and 2)
Before Change：Average decrease of 3.8%
After Change：Average decrease of 3.9%
Rate differentials (surcharge or discount) between risk classifications(on pages 2 through 4)
（No change）
Addition of bodily injury indemnity coverage(on pages 4 and 5)
（No change）
Examples of percentage changes(on pages 6 and 7)
There is a change in the percentage changes of “Combined contracts of bodily injury liability coverage, property damage liability coverage and physical damage coverage” in “In the case of private light four-wheeled passenger automobile ” on page 7.
Please click the link below for the updated materials.
Announcement on Revision of Reference Loss Cost Rates of Voluntary Automobile Insurance [ 884KB ]
Updated Date: December 16, 2021
