Earthquake insurance premiums on residential real estate in Japan could rise by as much as 30% to reflect updated earthquake risk predictions.
Up until now, the highest premium hike was in July 2014 when premiums were raised by 15.5% in response to the 2011 Tohoku disaster. To lessen the immediate burden on consumers, the Financial Services Agency, which is in charge of approving insurance premiums, is considering applying the increase in stages over several years. The higher premiums could go into effect as early as next year.
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