Demand to review insurance and household finances following fire insurance premium increases
First written in FY2022-Q3. 2 of 3 entries say "Advanced", first in FY2022. Latest entry: FY2023-Q1.
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- FY2023-Q1AdvancedAnnual report
「In non-life insurance, the October 2022 revision of fire insurance products resulted in a decline in the number of contracts owing to the backlash following front-loaded demand, as well as a decline in premiums per policy owing to the shorter maximum policy term.」
The impact of the fire insurance product revision described in the previous fiscal year continued during the quarter in the form of declines in the number of contracts and premiums per policy. - FY2022AdvancedAnnual report
「In non-life insurance, the number of new contracts increased by 300 from the end of the previous fiscal year to 26,095, while annualised premiums from new contracts decreased by ¥73.192 million to ¥2,990.714 million. This was because the number of lower-premium motor insurance policies increased, while premiums fell after fire insurance was revised in October 2022 and the maximum term of long-term fire insurance was shortened to 5 years from 10 years.」
Regarding the fire insurance premium increases previously described as an expectation, the company explains that the October 2022 revision and the shorter policy term, which reduced premiums per policy, were reflected in actual sales results. - FY2022-Q3First statedAnnual report
「In non-life insurance, fire insurance premiums were expected to rise substantially from October 2022, increasing demand to review insurance coverage generally and household cash flows, prompted by a review of fire insurance.」
The company cites the expected fire insurance premium increase from October 2022 and the resulting demand for reviews.