A traffic jam is seen in front of the new Toyosu market, which has been relocated from Tsukiji market, on its opening day, in Tokyo, 2018.
12:05 JST, June 26, 2024
TOKYO (Jiji Press) — Automobile insurance premiums in Japan are expected to go up further in 2026, reflecting an increase in traffic accident rates and growing repair fees due to inflation.
The General Insurance Rating Organization of Japan, comprising nonlife insurers, plans to raise its reference premium rates for the optional insurance by an average of 5.7%, informed sources said Monday.
Insurance companies are seen reflecting the new reference rates in their premiums from as early as January 2026.
The rating organization reviews every fiscal year its reference rates based on insurance payment and other data. It will report the rate hike plan, decided in response to increased payments, to the Financial Services Agency soon.
Based in New York, Stephen Freeman is a Senior Editor at Trending Insurance News. Previously he has worked for Forbes and The Huffington Post. Steven is a graduate of Risk Management at the University of New York.