ProgramBusiness
 
  


  1. News Articles
  2. Related News Articles
  3. Comments
News Article Details

Casualty Insurers to Underwrite World Bank Disaster Policies

Source: Nikkei English News


Posted on 15 Jan 2013 by Neilson

Facebook LinkedIn Twitter Google

World Bank disaster policiesThree top casualty insurers will underwrite policies created by the World Bank and Japan that protect southern Pacific island countries against natural disasters.

Tokio Marine & Nichido Fire Insurance Co., Mitsui Sumitomo Insurance Co. and Sompo Japan Insurance Inc. will initially offer the policies to five countries and regions, including the Solomon Islands and Vanuatu.

The three firms will manage the insurance using a 5.7 million dollar contribution from the Japanese government in the first year and start collecting premiums from policyholders from the second year.

If an earthquake, tsunami or other disaster strikes the region, the insurers will pay out reconstruction funds via the World Bank. This mechanism eliminates the need for damage assessment, allowing for quick insurance payments.


Comments

Post a Comment
If you are a Storefront / Tradingfloor user, click here to login.
Note: As a guest user, please fill out the form below to post a comment.
Post your comments here.
Name :
Email Address :
Captcha :
Comments :
Character left : 2000