Quake Insurance Premiums to Rise in Japan

Tokyo, June 24 (Jiji Press)--A Japanese government advisory panel approved a proposal Wednesday to raise earthquake insurance premiums by 19 pct on average in stages, starting in January 2017. It will be the first hike since July 2014 in premiums on earthquake insurance policies jointly offered by the government and nonlife insurance firms. The approval by an advisory panel at the Finance Ministry came after the government late last year raised the probability of a powerful earthquake taking place directly beneath central Tokyo. Insurance premiums differ by prefecture and a hike of up to 30 pct is allowed at present. The upper limit is expected to be raised at the time of the planned premium increase. END