Publication: Earthquake Risk Insurance
Date
2012-09
ISSN
Published
2012-09
Author(s)
Mahul, Olivier
White, Emily
Abstract
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.
Link to Data Set
Citation
“Mahul, Olivier; White, Emily. 2012. Earthquake Risk Insurance. © World Bank, Washington, DC. http://hdl.handle.net/10986/16149 License: CC BY 3.0 IGO.”