Fire insurance premiums will increase in 2024!

Poste date: Tuesday, April 30, 2024

General Insurance Rating Organization of Japan has announced that in October 2024, the premiums of fire insurance, which covers damage to buildings caused by fire, lightning, etc., will be raised by 13.0% on average nationwide.

The background to the revision is that the amount of insurance payouts has increased due to the frequent occurrence of natural disasters such as typhoons and torrential rains in Japan in recent years, and that repair costs has also increased due to soaring construction materials and labor costs.

The amount of the increase varies depending on the region, the age of the building, the structure of the building, etc.

Therefore, there are some areas where the premiums will be raised by 30% or more, while in other areas, they will be lowered.

In addition, it was also announced that the premium rates of "Flood insurance coverage," which is desirable to be added to fire insurance to prepare for flood damage, will be divided into 5 area classes according to the risk of flood damage in the region. The main purpose of this change is to make the insurance premium burden more equitable among policyholders by having variation of the insurance premium rates according to differences in water damage risk.

Related article: Insurance for Flood Disaster (water damage) caused by heavy rain, typhoons, and others

 

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