In response to a number of large-scale natural disasters in recent years, which some experts attribute to climate change, there will be a hike in fire insurance premiums from October.
The move comes after the General Insurance Rating Organization of Japan (GIROJ), a nonprofit body of nonlife insurance companies, decided in July 2014 to raise benchmark rates used by member firms when setting fire insurance premiums by an average of 3.5 percent to cope with growing payouts.
It will be the first hike in fire insurance premiums since April 2007.