The earthquake insurance premium, which covers damage to buildings caused by the earthquake and tsunami, will be reduced by an average of 0.7% next year.
Insurance premiums vary greatly from prefecture to prefecture, but the average reduction reflects the widespread use of earthquake-resistant housing.
The "General Insurance Rating Organization of Japan" created by non-life insurance companies will change the insurance rate, which is the standard for insurance premiums, based on the latest forecast map released by the government's Earthquake Research Committee in March. I notified the agency.
According to this, the basic insurance premium will be reduced by 0.7% on average for all contract conditions, reflecting the review of ground data and the widespread use of highly earthquake-resistant housing.
However, the insurance premium revision rate varies greatly depending on the risk of each prefecture.
For mainly steel and concrete buildings, Oita prefecture will be reduced by 38.1%, and Ibaraki, Saitama, Tokushima and Kochi prefectures will be increased by 29.9%.
In the case of mainly wooden buildings, Oita prefecture will be reduced by 47.2%, and Ibaraki and Saitama prefectures will be increased by 12.3%.
The new premium is expected to be applied next year after being examined by the Financial Services Agency.
Shinichi Hirose, Chairman of the General Insurance Association of Japan, said at a press conference, "Earthquakes can occur in any region, so we would like to continue to raise awareness for the spread of earthquake insurance."