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 .
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%. This is in response to growing claims, mostly weather and climate related it believes, with average industry annual payouts reaching some JPY 100bn by 2012, compared to only JPY 80bn around 2003.