Japanese insurers hike rates again following disasters
The recent streak of natural disasters has prompted Japan’s four largest non-life insurers to raise premiums on commercial fire insurance policies by about 4%.
This latest increase, which will take effect as early as January 2021, was announced just a month after a previous rate hike, Nikkei reported. Individual policyholders will also encounter higher premiums on similar products, which cover fire, flooding, and wind damage to property.
The four companies – Tokio Marine & Nichido Fire Insurance, Sompo Japan Nipponkoa Insurance, Mitsui Sumitomo Insurance and Aioi Nissay Dowa Insurance – follow the calculations of the General Insurance Rating Organization, which comes up with the reference rates used in setting premiums, the report said…
California needs policies to build housing able to withstand climate disasters
When a house in California begins to burn, there’s no running for the hills. There’s only building more homes in the same places that used to burn.
Last month, every corner of the state seemed to be ablaze – from the Getty fire only a few miles away to the Kincade fire terrorizing Northern California. And within the span of 14 months and six counties, nearly 21,000 homes were destroyed.
These areas are no strangers to disaster, with the Skirball and Tubbs fires causing massive destruction only two years ago. And that’s part of the problem. Despite those staggering numbers and a foreboding repetition of history, more homes continue to be built in the same high-risk zones for potential fires….