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Japanese insurers reduce premiums due to increased life expectancy of customers

Japanese insurers reduce premiums due to increased life expectancy of customers

Nippon Life Insurance company is among other Japanese insurers, who have announced a decrease in the amount of life insurance premiums, because benefits payments of the company are reduced due to a longer life expectancy of the insureds.

As UkrStrakhovaniye has cleared up, the premiums can drop to 20% for agreements starting from April this year. This is due to the changed control market rates of mortality and life expectancy.

For example, the mortality ratio among men in the age of 40 has decreased from 1.48 to 1.18, while the rate for women of the same age dropped from 0.98 to 0.88. Besides the Nippon Life insurance premiums will be reduced by Sony Life Insurance Co., as well. It is expected that the fees will decrease by 14.6% for men at the age of 30 and by 3.7% for women of the same age. Meiji Yasuda Life Insurance will cut premiums on collective insurance agreements by 24%.

Insurers from Hong Kong will also revise their rates because of the longer life expectancy of insureds. Analysts note that decrease in life insurance premiums will simultaneously increase premiums on health insurance.

Source:https://www.ukrstrahovanie.com.ua/news/yaponskie-strahovshhiki-snizhayut-premii-iz-za-uvelicheniya-prodolzhitelnosti-zhizni-klientov

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