Japan: More new products targeted at dementia-related issues
Source: Asia Insurance Review | Aug 2017
Insurance policies covering various expenses relating to dementia have been launched in Japan as more people are suffering from the illness in the rapidly ageing country, reported Kyodo News Agency.
One in five among those aged 65 or older, or about 7 million people, are projected to suffer from dementia in 2025, according to estimates by the Ministry of Health, Labour and Welfare.
In January, Mitsui Sumitomo Insurance started selling a fire insurance product for households with a special clause to cover damages stemming from halted train operations caused by dementia patients wandering onto rail tracks.
This followed a damages suit filed by a railway company against the family of a man with dementia who was fatally struck by a train in an accident that disrupted railway operations. If families lose such cases, they face large compensation payments.
Taiyo Life Insurance started selling an insurance product covering treatment for dementia in March 2016. Insured persons can receive a lump sum payment of up to JPY3 million (US$27,000) if they continue to show symptoms of dementia for 180 days.
In April, Sompo Japan Nipponkoa Himawari Life Insurance started selling health insurance products with a special clause enabling lump-sum payment for long-term nursing care. According to a government survey, dementia is one of the major causes behind the need for long-term nursing care. A