Earthquake Risk Insurance

The March 2011 earthquake that hit east Japan was the fourth-largest ever recorded. It was not only a human tragedy but an economic shock with losses estimated in excess of 16,900 billion Chinese yuan, making it the costliest disaster in history. Despite this, the Japanese insurance industry is expected to emerge without significant financial impairment, thanks to a well-developed residential earthquake risk insurance dual program (with private nonlife insurers and cooperative mutual insurers) based on conservative control of insurers' liabilities (through insurance policy structures and reinsurance). Meanwhile, more than half of Japanese homeowners are still uninsured, creating a significant fiscal burden for the government. This report gives findings; lessons; and recommendations for developing countries.

Bibliographic Details

Main Authors:	Mahul, Olivier, White, Emily
Language:	English en_US
Published:	World Bank, Washington, DC 2012-09
Subjects:	ACCIDENT, ACCIDENTS, ACCOUNTING, ACCOUNTING STANDARDS, AGRICULTURAL COOPERATIVES, AGRICULTURAL INSURANCE, AGRICULTURAL PRODUCTION, ASSET BASE, AUTOMOBILE INSURANCE, BASIS RISK, BOND, BONDS, CAPITAL MARKETS, CASUALTY, CENTRAL GOVERNMENT, CLAIM PAYMENTS, COMPENSATION, COMPENSATION LAW, COOPERATIVES, CREDIT RATING, CREDIT RATING AGENCY, DAMAGE ASSESSMENT, DAMAGES, DEVELOPING COUNTRIES, DISASTER, DISASTER RISK, DISASTERS, DISCOUNT RATES, EARTHQUAKE, EARTHQUAKE INSURANCE, EARTHQUAKES, ECONOMICS, EXPENDITURES, FARMERS, FINANCIAL MANAGEMENT, FINANCIAL SUSTAINABILITY, FIRE, FIRE INSURANCE, FISCAL BURDEN, FLOOD, GENERAL INSURANCE, GOVERNMENT EXPENDITURES, GOVERNMENT INTERVENTION, GOVERNMENT LIABILITY, GROSS DOMESTIC PRODUCTS, HOLDING, HOMEOWNERS INSURANCE, HOUSING, INDEMNITY, INDEMNITY INSURANCE, INSTRUMENT, INSURANCE CLAIMS, INSURANCE COMPANIES, INSURANCE COVERAGE, INSURANCE INDUSTRY, INSURANCE LAW, INSURANCE MARKET, INSURANCE MARKETS, INSURANCE PENETRATION, INSURANCE POLICIES, INSURANCE POLICY, INSURANCE PREMIUMS, INSURANCE PRODUCTS, INSURANCE SYSTEM, INSURANCE SYSTEMS, INSURANCES, INSURED LOSSES, INSURER, INSURERS, INVESTMENT INCOME, LEVEL OF RISK, LIFE INSURERS, LOSS OF REVENUE, MARKET DEVELOPMENT, MARKET INFRASTRUCTURE, MARKET SHARE, MOTOR INSURANCE, NATURAL DISASTER, NATURAL DISASTERS, NON-LIFE INSURANCE, PENSIONS, PERSONAL PROPERTY, PHYSICAL ASSETS, POLICYHOLDERS, PORTFOLIO, PRICE INSURANCE, PRIVATE INSURANCE, PRIVATE INSURANCE COMPANIES, PRIVATE REINSURANCE, PROGRAMS, RATES, REGULATORY FRAMEWORK, REINSURANCE, REINSURANCE AGREEMENT, REINSURANCE CAPACITY, REINSURER, RELIEF, RESCUE, RESERVE, RESERVE FUND, RESERVES, RETURN, RISK ASSESSMENT, RISK EXPOSURE, RISK INSURANCE, RISK MANAGEMENT, RISK MITIGATION, RISK REDUCTION, RISK TRANSFER, SAVINGS, SECURITIES, SEIZURE, SETTLEMENT, SETTLEMENT SYSTEM, SOLVENCY, SUSTAINABILITY, TRANSACTION, TREASURY, TREATIES, TSUNAMI, TSUNAMIS, UNDERWRITING, VICTIMS, VOLCANIC ERUPTION, WAR,
Online Access:	http://documents.worldbank.org/curated/en/2012/09/18027028/earthquake-risk-insurance https://hdl.handle.net/10986/16149
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