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When excluding the effects of the lower premiums set for mandatory automobile liability insurance this fiscal year, premium revenue slipped 0.1 per cent to 458.9 billion yen. Aioi Insurance Co. (TSE:8761) and Nissay Dowa General Insurance Co. (TSE:8759) both effectively logged higher premium revenue thanks to brisk fire insurance sales.
According to an official at Aioi Insurance, the firm signed a slew of new fire insurance policies for large corporate properties. As a whole, the six insurers saw premium revenue for fire insurance rise 1.5 per cent to 82.7 billion yen.
For mainline auto insurance, premium revenue dropped 1.3 per cent to 252.6 billion yen. The figure declined for all insurers due to the slump in new vehicle sales.
"Lower revenue for auto insurance will likely continue as consumers embrace smaller cars," says an official at Nipponkoa Insurance Co. (TSE:8754).
Industry leader Tokio Marine & Nichido Fire Insurance Co.'s premium revenue fell 5.3 per cent to 149.2 billion yen. When lower premiums for mandatory auto insurance are excluded, premium revenue dipped 0.8 per cent to 132.4 billion yen.
(Nikkei)
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