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Regulation - Quake reinsurance to rise.
(From Reinsurance)
The Japanese government is planning to raise its limit for earthquake reinsurance payments by 11.11% to Y5trn from the fiscal year 2005 to better prepare for a large-scale disaster.
Under the current earthquake reinsurance system, if the fund that insurers hold in reserve to cover potential earthquake damage claims is insufficient, the government will share the payout burden.
It will be the first limit increase in three years. The move was driven by public concern after recent earthquakes that hit Hokkaido and triggered the tsunami that devastated parts of South-east Asia.
The government expects more people to purchase earthquake insurance policies as a result, and plans to maintain the current premiums for earthquake insurance.
Although earthquake insurance is designed to cover damage from earthquakes and tsunamis, private insurance companies may not be able ...
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