An organization created by non-life insurance companies announced that there was an error in the calculation method for the value that will be used as a guideline for future automobile insurance premiums, and the amount of reduction was reduced by 0.1 points.
Insurance premiums for automobile insurance are determined by each company based on the "reference net rate" calculated by the "General Insurance Rating Organization of Japan" created by each non-life insurance company.
Regarding this reference net rate, in June, the Organization said that it would reduce the average of all contract conditions by 3.8% because safety technologies such as automatic braking are becoming more widespread and traffic accidents are decreasing.
However, it was announced that there was an error in the calculation method of the reference net rate, and that the reduction range was reduced by 0.1 points, and that it would be corrected to 3.9% on average.
While the reference net rate will be reduced, major non-life insurance companies are expected to reduce automobile insurance premiums by an average of about 1% to 2% from January next year, but this revision does not have a significant impact.