In its first rate hike since 2003 , Japan 's Insurance Rating Agency ( GIROJ ) has raised its benchmark rates used by insurance companies for fire and natural disaster insurance by some 3.5 % . What follows are basic questions and answers on fire insurance, which compensates for property damage from natural disasters as well as fires. This is in response to growing claims , mostly weather and climate related it believes , with average industry annual payouts of some JPY billion by 2010 , compared to only JPY 80bn around 2003 .
In its first rate hike since 2003 , Japan 's Insurance Rating Agency ( GIROJ ) has raised its benchmark rates used by insurance companies 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 of some JPY billion by 2010 , compared to only JPY 80bn around 2003 .