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Annual Report 2010 — Introduction to Earthquake Reinsurance in Japan

March 16, 2011 Comments off

Annual Report 2010 — Introduction to Earthquake Reinsurance in Japan (PDF)
Source: Japan Earthquake Reinsurance Co., Ltd.

Earthquake insurance is arranged as an optional rider to fire insurance which covers buildings for residential use and/or personal property. Earthquake insurance cannot be purchased on its own. If you conclude a fire insurance contract without earthquake insurance, you are required to seal the earthquake insurance check column of the fire insurance contract application form. If you have entered into a fire insurance contract without earthquake insurance, you will be able to buy earthquake insurance while your fire insurance contract is valid. In some areas, however, if an announcement warning of an earthquake has been made, you may not be able to buy earthquake insurance.
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The policyholder is required to set the amount insured under earthquake insurance within a range of 30-50% of the amount of insurance provided by his/her fire insurance. However, the amount insured is limited to a maximum of ¥50 million for a building** and ¥10 million for personal property.

Categories: business and economics, insurance and risk, Japan, Japan Earthquake Reinsurance Co., Ltd., natural disasters
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