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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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

id	okr-10986-16149
recordtype	oai_dc
spelling	okr-10986-161492021-04-23T14:03:27Z Earthquake Risk Insurance Mahul, Olivier White, Emily 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 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. 2013-10-15T20:34:43Z 2013-10-15T20:34:43Z 2012-09 http://documents.worldbank.org/curated/en/2012/09/18027028/earthquake-risk-insurance http://hdl.handle.net/10986/16149 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank World Bank, Washington, DC Publications & Research :: Brief Publications & Research East Asia and Pacific Japan
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
language	English en_US
topic	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
spellingShingle	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 Mahul, Olivier White, Emily Earthquake Risk Insurance
geographic_facet	East Asia and Pacific Japan
description	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.
format	Publications & Research :: Brief
author	Mahul, Olivier White, Emily
author_facet	Mahul, Olivier White, Emily
author_sort	Mahul, Olivier
title	Earthquake Risk Insurance
title_short	Earthquake Risk Insurance
title_full	Earthquake Risk Insurance
title_fullStr	Earthquake Risk Insurance
title_full_unstemmed	Earthquake Risk Insurance
title_sort	earthquake risk insurance
publisher	World Bank, Washington, DC
publishDate	2013
url	http://documents.worldbank.org/curated/en/2012/09/18027028/earthquake-risk-insurance http://hdl.handle.net/10986/16149
_version_	1764432281263407104

Earthquake Risk Insurance

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