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. D...

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Bibliographic Details
Main Authors:	Mahul, Olivier, White, Emily
Format:	Brief
Language:	English en_US
Published:	World Bank, Washington, DC 2013
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 http://hdl.handle.net/10986/16149

Description
Summary:	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.

Earthquake Risk Insurance

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