JAPANESE MOTOR INSURERS’ PREMIUM INCOME DOWN

Japan’s non-life insurers have blamed falling car ownership in the country for a drop in motor insurance premiums in the second quarter. Six of the seven top insurers in Japan saw a reduction in motor premium income during the period with only Sompo reporting a slight increase on 0.1%. In total motor insurance premiums at the top seven non-life insurers were down 1.3% to Yen817.4m. Tokio Marine & Nichido Fire Insurance saw a 1.8% year-on-year reduction in motor premiums to Yen220.2bn while the reduction at Mitsui Sumitomo Insurance was 1.9% to Yen140.7bn.