Earthquake insurance policy sales skyrocket

08/24/2011
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An upended house is among debris in Ofunato, Japan, following a 9.0 magnitude earthquake

TOKYO (majirox news) — Sales of earthquake insurance premiums have skyrocketed in the wake of the March 11 disasters in the Tohoku Region, registering double-digit growth in April and May, according to the Non-Life Insurance Rating Organization of Japan (NLIRO) on Aug. 23.

Stricken Fukushima prefecture, bearing the brunt of the Fukushima Daiichi nuclear power plant meltdowns triggered by the huge earthquake and tsunami that devastated the region almost six months ago, saw rates of new earthquake insurance coverage increase almost threefold in May.

The NLIRO said other hard-hit areas also registered incredible growth in new policies in May, with Miyagi increasing by 81.4%, Iwate 61.4% and Ibaraki by 43.6%.

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One Response to Earthquake insurance policy sales skyrocket

  1. yoko on 08/24/2011 at 5:41 pm

    I can’t believe that the tragedy created a chance for new business.
    Just like that.

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