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Report: 4 Japanese insurers to raise accident premiums

Tokio Marine & Nichido Fire Insurance Co. Ltd., Sompo Japan Nipponkoa Insurance Inc., Mitsui Sumitomo Insurance Co. Ltd. and Aioi Nissay Dowa Insurance Co. Ltd. are hiking accident insurance premiums by about 4% in October, Jiji Press reported.

The premium hikes will be the first one in six years and are driven by expected increases in claims due to the rising share of elderly customers in the market, according to the report, citing sources familiar with the matter.

Under the new premium rates, annual premium payments will increase by ¥220 to ¥5,550 for Aioi Nissay Dowa Insurance's basic plan, which provides a ¥1 million injury and residual disability coverage and ¥5,000 per day in the hospital.

In 2018, the General Insurance Rating Organization of Japan raised reference rates by 2.9% on average for ordinary and family personal accident insurance due to the country's aging population, according to the report.