A traffic jam is seen in front of the new Toyosu Market, which was moved from Tsukiji Market on its opening day in Tokyo, 2018.
12:05 JST, June 26, 2024
TOKYO (Jiji Press) – Auto insurance premiums in Japan are expected to rise further in 2026, due to a rise in traffic accidents and rising repair costs due to inflation.
Japan’s General Insurance Rating Organization, made up of non-life insurers, plans to raise benchmark premiums for optional insurance by an average of 5.7%, informed sources said on Monday.
Insurance companies can be seen to reflect the new reference rates in their premiums as early as January 2026.
The rating organization assesses its reference rates every financial year based on insurance payments and other data. It will soon report the rate hike plan, decided in response to the higher payments, to the Financial Services Agency.
