Why did GIROJ decide to raise the benchmark rates? In its first rate hike 2012 , Osaka 's the Fire and Disaster Management Agency (GIROJ) has raised its benchmark rates used by member firms for fire and natural disaster insurance by some 3.5% . This is in response to growing claims, mostly weather and climate related it believes, with average industry annual payouts reaching some JPY 100bn by annual , compared to only JPY 80bn around 2003 .
In its first rate hike 2012 , Osaka 's the Fire and Disaster Management Agency (GIROJ) has raised its benchmark rates used by member firms for fire and natural disaster insurance by some 3.5% . This is in response to growing claims, mostly weather and climate related it believes, with average industry annual payouts reaching some JPY 100bn by annual , compared to only JPY 80bn around 2003 .