Japan developing evacuation insurance for natural disasters

Insurance Business Magazine | July 18, 2019

One year after torrential rains caused massive flooding and led to over 270 deaths in Western Japan, local governments, academics, and private firms are working together to assist residents’ evacuation efforts. Katsue Edo, a professor at the Prefectural University of Hiroshima, thought of what he termed as ‘evacuation insurance,’ which is primarily targeted at elderly people living alone. In the event of an evacuation order, the product ‘pays out’ by dispatching a taxi to pick up the beneficiary and drive them to safety, NHK World reported. Several private insurance companies have picked up on Edo’s idea, and are developing a commercial version of his idea. According to Edo, this is an important step to improve disaster preparedness, where private firms and local governments cooperate in life-saving efforts.

Spotlight

As the average U.S. insurance agent reaches retirement age, they’re making room for younger agents to take over an industry that’s already perfect for millennials. BY THE NUMBERS ¬  years old1. The average age of independent insurance agents.

Spotlight

As the average U.S. insurance agent reaches retirement age, they’re making room for younger agents to take over an industry that’s already perfect for millennials. BY THE NUMBERS ¬  years old1. The average age of independent insurance agents.

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