Insurance for corporate inundation damage compensation for insurance premiums according to risk Non-life insurance companies August 3 23:20
As disasters due to heavy rains continue to occur nationwide, major non-life insurance companies will introduce a new mechanism for insurance for companies that compensate for flood damage depending on the location depending on the risk of flood. It was
Of these, Tokio Marine & Nichido calculates insurance premiums based on the country's hazard map and raises premiums by 2% to 10% in areas at high risk.
On the other hand, in areas where the risk is low, we are planning to reduce insurance premiums by about 2%, which is about 70% of all current contracts.
In addition, "Sompo Japan" will also introduce a mechanism to link hazard maps with insurance premiums, while "Mitsui Sumitomo Insurance" and "Aioi Nissay Dowa Insurance" will raise and lower insurance premiums by prefecture based on past data. about it.
Sompo has said that such revisions to insurance premiums are currently limited to corporates.
However, due to successive heavy rains and typhoons, the total amount of insurance payments paid by each company exceeded 1 trillion yen for the second consecutive year from the record high of 2018, and it has become a management burden, Major companies will consider applying to personal insurance in the future.