Four major Japanese non-life insurers will raise corporate fire insurance premiums from October, reported Jiji Press quoting informed sources.
The national averages of their hikes are expected to be 15% at most.
The companies, including Tokio Marine & Nichido Fire Insurance Co, will raise premiums because of deteriorating profitability in their fire insurance operations due to ballooning insurance payments reflecting increasingly severe natural disasters.
The premium hikes are seen as a measure to ensure appropriate insurance underwriting, included in the business improvement plans that the four submitted to the Financial Services Agency (FSA).
The four received business improvement orders from the FSA last December for rigging their premiums for corporate insurance policies.