Period of Fire Insurance Contracts to Be Shortened in Japan
Tokyo, Nov. 20 (Jiji Press)--Japanese nonlife insurers are set to shorten the maximum renewal period of their fire insurance products to five years, starting in October 2022, while scrapping 10-year contracts, in order to better reflect risks of natural disasters into premiums.
The moves, which come after a spate of severe disasters hit the country in recent years, will effectively represent a hike in insurance premiums, pundits said, noting that premiums are higher for shorter contracts.
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