/Freepik
The country’s big 4 players may raise premiums up to 5%.
Four major Japanese nonlife insurance companies are planning to raise car insurance premiums by approximately 3.5% to 5% in January 2025, reported Jiji Press.
This move is driven by increased insurance payouts due to rising prices and a higher frequency of natural disasters.
The companies involved are Tokio Marine & Nichido Fire Insurance, Sompo Japan Insurance, Mitsui Sumitomo Insurance, and Aioi Nissay Dowa Insurance.
Tokio Marine is considering a 3.5% increase, whilst Sompo Japan, which did not raise premiums this year following an auto insurance scandal involving Bigmotor, is expected to implement a 5% hike, according to sources.
In June, the General Insurance Rating Organisation of Japan, comprising nonlife insurance companies, announced a 5.7% increase in the benchmark for vehicle insurance premiums.
Join Insurance Asia community
Since you’re here…
…there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.
We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.
Let us help you drive your business forward with a good partnership!
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.