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Announcement on Revision of Reference Loss Cost Rates for Voluntary Automobile Insurance
Release Date: September 15, 2023Pursuant to Article 9-1 Clause1 of the Act on Non-Life Insurance Rating Organization of Japan, the General Insurance Rating Organization of Japan (GIROJ; Shinichiro Hayakawa, Chairperson) filed revisions to the Reference Loss Cost Rates for the voluntary automobile insurance to the Commissioner of the Financial Services Agency dated June 21, 2023, and on June 28, 2023, it was notified that the revision was confirmed to Article 8 of the Act.
Outline of revision
As of January 1, 2025, in Reference Loss Cost Rates for voluntary automobile insurance, the “model-based group rating system” for private light four-wheeled passenger automobile will be restructured to adopt seven classes, increased from the current three.
♦ The revision of Reference Loss Cost Rates described in this announcement may differ from those of insurance products that policyholders purchase from insurance companies.
Background of revision
As user groups have become more diversified, as a result of increased number of private light four-wheeled passenger automobiles in use, and safety performance technologies have been increasingly developed, this revision aims to reflect the actual risks of each model.
Please click the link below for further information.
Announcement on Revision of Reference Loss Cost Rates for Voluntary Automobile Insurance[ 580KB ]
Outline of Model-Based Group Rating System for Voluntary Automobile Insurance[ 468KB ]
