Japan: Proportion of new insurance contracts with quake cover hits record
Source: Asia Insurance Review | Oct 2016
The proportion of newly signed fire insurance contracts in the fiscal year ended 31 March 2016 that include earthquake damage coverage rose by 0.9 percentage point from the previous year to a record 60.2%, according to industry data.
The proportion topped 60% for the first time, according to the General Insurance Rating Organization of Japan. The quake insurance contract rate climbed for 13 years in a row, reported Jiji Press.
An increasing number of people are seeing the need to have earthquake insurance following the March 2011 earthquake and tsunami that struck the Tohoku region, officials of the organisation said.