August 29, 2013

Japanese customers are buying more earthquake insurance 15 million policies at end of 2012

Picture: Personal seal

"A growing number of (Japanese) households are turning to earthquake insurance to protect themselves from losses in the event of a temblor or a tsunami.Earthquake insurance cannot be offered on its own, so it is bundled with fire insurance.....Earthquake policies in force ....exceed 15 million at the end of fiscal 2012, up roughly 90% in the last decade.....Premiums are also ballooning as the risk of a temblor rises..... In Tokyo, the premium for a 10 million yen policy on a fire-resistant building will go up 3,300 yen to 20,200 yen per year. "

Source:Earthquake Insurance On The Rise
The Nikkei,
Aug. 24th 2013

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