Car insurance premium income contributes to the largest insurance companies. Class of Business [COB] car insurance in the insurance industry's most dominant car because a very large population and rapidly increasing from year to year.
Each state has different rules in this business. For example, motor vehicle insurance in Indonesia is regulated and supervised by the Ministry of Finance which sets the basic rate of motor vehicle insurance premiums and monitor the performance of general insurance companies, particularly in the management of car insurance COB, such as the Loss Ratio or the ratio of claims to premium income, tariffs, service standards claims, reserves and other claims.
How auto insurance in Japan?
Auto insurance in Japan is operated under two different systems (and also two different policies) Compulsory Automobile Liability Insurance
(Hereinafter referred to as "CALI") and the voluntary automobile insurance (abbreviated VAI Voluntary Automobile Insurance). CALI was founded and has operated under the Automobile Liability Security Law, enacted and became effective in 1955. This insurance only covers liability of the body injured, and the law determines the limits of liability insurance for death, permanent disability every class and bodily injury.
On the other hand, voluntary automobile insurance covers Third Party Responsibility Law (Third Party Liability) which provides compensation for bodily injury liability and demands compensation for property damage by third parties, elf-Incurred personal accident coverage, protection against uninsured automobiles coverage, accident coverage self passengers and coverage for damage to the insured's own vehicle (hereinafter referred to as "damage to own vehicle"). With respect to liability for bodily injury, voluntary car insurance car insurance acts as a protection wider than CALI.
Premium rate for two types of car insurance described above is done by the Organization of Non-Life Insurance Rating of Japan (hereinafter referred to as "NLIRO" or Non-Life Insurance Rating Organization) based on data collected from insurance companies to become a member
NLIRO, hereinafter referred to as member insurers
NLIRO is a nonprofit organization incorporated under the Law Concerning the Non-Life Insurance Rating Organization or Non-Life Insurance Rating (hereinafter referred to as "Law Rating Organization"). It was created by the merger of predecessor, Property and Casualty Insurance Rating Organization of Japan (PCIRO) and car insurance rating organization of Japan (hereinafter referred to as "AIRO"), and commenced operations on July 1, 2002.
Reference Tariff Cost NLIRO calculate Loss (advisory pure premium rates) for fire insurance, personal accident insurance, auto insurance and voluntary nursing care insurance payments, as well as Full Standard Rates (premium rates adviser) for CALI and earthquake insurance. NLIRO file this number by the Commissioner of the Financial Services Agency (hereinafter referred to as "FSA"), which tested the level on the basis of "principles of three premium rates," ie, "reasonable," "adequate" and "not unfairly discriminatory. or "" reasonable, "" adequate "and" not unfairly discriminatory. "Member insurer is not obligated to use it.
In the insurance sector losses, net direct premiums (including the savings of maturity-refund-type insurance premiums) amounted to ¥ 8,265.7 billion in fiscal 2009. Car Insurance (CALI and VAI or voluntary automobile insurance), which is now the largest auto insurance product lines, amounting to ¥ 4,370.5 billion, representing 52.9% of total net direct premiums in the non-life [insurance].
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