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Preparing for Large Natural Catastrophes: The current state and challenges of earthquake insurance in Japan

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  • Yamori, Nobuyoshi
  • Okada, Taishi
  • Kobayashi, Takeshi

Abstract

Global incidents of major natural catastrophes are becoming increasingly common in recent years. Seismological research has shown earthquake-prone Japan to be at particular risk from not only inland earthquakes, but also from repeat incidents of major earthquakes such as the Tokai, Tonankai, and Nankai earthquakes. In such an eventuality, earthquake insurance is expected to play a part in ex-post recovery efforts from the damage caused by these earthquakes, with the Japanese government developing special support programs. The previously low penetration rate of earthquake insurance in Japan, however, meant that it did not play a significant role in recovery efforts following the 1995 Great Hanshin-Awaji Earthquake. Despite recent progress in improving the system and an increasing awareness of the risks from earthquakes, the penetration rate of earthquake insurance in Japan remains at approximately 20%. In this study we discuss the current state and issues of earthquake insurance in Japan.

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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 8851.

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Date of creation: Apr 2009
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Handle: RePEc:pra:mprapa:8851

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Keywords: Earthquake Insurance; natural catastrophes; Hanshin-Awaji Earthquake;

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  1. Hallstrom, Daniel G. & Smith, V. Kerry, 2005. "Market responses to hurricanes," Journal of Environmental Economics and Management, Elsevier, vol. 50(3), pages 541-561, November.
  2. Martin F. Grace & Robert W. Klein & Paul R. Kleindorfer, 2004. "Homeowners Insurance With Bundled Catastrophe Coverage," Journal of Risk & Insurance, The American Risk and Insurance Association, vol. 71(3), pages 351-379.
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Cited by:
  1. Jacques JAUSSAUD & Julien MARTINE & Serge REY, 2012. "Japon : pistes pour l'analyse des conséquences économiques et managériales du grand tremblement de terre du 11 mars 2011," Working Papers 2011-2012_9, CATT - UPPA - Université de Pau et des Pays de l'Adour, revised Jun 2012.

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