Japanese Nonlife Insurers' Premium Income Grew In Aug

Premium revenue at the top five Japanese casualty and property insurers crept up 3.8 per cent on the year to a combined 470.8 billion yen (US$6.06 billion) in August, marking the sixth consecutive month of gains.

All five firms recorded double-digit growth in premium revenue for compulsory automobile liability insurance after hiking rates in April, according to preliminary reports released Tuesday.

Mainstay auto insurance policies rang up 223 billion yen in premium income, up 1.1 per cent. Of the three nonlife insurers reporting increases for this field, Mitsui Sumitomo Insurance Co. was bolstered by its marketing partnership with Sumitomo Life Insurance Co. Renewals of large policies rose at Sompo Japan Insurance Inc., while rate hikes at the end of last year boosted auto insurance income at Nipponkoa Insurance Co.