In its first rate hike since 2007, Japan's Insurance Rating Organisation (GIROJ) has raised its benchmark rates used by member firms for fire and natural disaster insurance by some 3.5%. Typical natural disasters and their frequency differ from prefecture to prefecture, which contributes to calculations of the benchmark rate for each prefecture, a spokesman for the GIROJ said. The move comes as the government is looking to boost economic growth in a country that faces an acute housing crisis after years of deflation.
In its first rate hike since 2007, Japan's Insurance Rating Organisation (GIROJ) has raised its benchmark rates used by member firms for fire and natural disaster insurance by some 3.5%. The move comes as the government is looking to boost economic growth in a country that faces an acute housing crisis after years of deflation.