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Announcement on Revision of Reference Loss Cost Rates for Personal Accident Insurance
Release Date: August 30, 2024Pursuant to Article 9-1 Clause1 of the Act on Non-Life Insurance Rating Organization of Japan, General Insurance Rating Organization of Japan (GIROJ; Shinichiro Hayakawa, Chairperson) filed a revision of the Reference Loss Cost Rates for personal accident insurance to the Commissioner of the Financial Services Agency dated June 24, 2024. On June 28, 2024, it was notified that the revision was in compliance with Article 8 of the Act.
Outline of revision
(1) Reference Loss Cost Rates for Ordinary Personal Accident Insurance and Family-Type Personal Accident Insurance increase by 1.9% on average.
(2) Reference Loss Cost Rates for Traffic Personal Accident Insurance and Family-Type Traffic Personal Accident Insurance decrease by 25.3% on average.
♦The percentage changes described in this announcement may differ from those applied in the personal accident insurance purchased by policyholders in practice.
Background of revision
Reflection of actual risks in recent insurance statistics.
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Announcement on Revision of Reference Loss Cost Rates for Personal Accident Insurance[ 292KB ]
