Mitsui Sumitomo Insurance Co. said Monday it will raise auto insurance premiums by an average of 1.9 percent, mostly for elderly drivers, from October.
The nonlife insurer is making the hike to meet higher payout claims related to traffic accidents involving elderly drivers.
The insurer will review its uniform age bracket for drivers 35 and older and set new decade-based brackets for drivers 30 to 70, raising premiums mainly for drivers aged 50 and older.
In normal cases, premiums will rise 2.5 percent for drivers in their 50s and 6.5 percent for those 70 and older, while those in their 30s to 40s will see premiums drop by about 2 percent.
Sompo Japan Insurance Inc. also hiked premiums in April.
In a time of both misinformation and too much information, quality journalism is more crucial than ever.
By subscribing, you can help us get the story right.