NU Online News Service, March 11, 3:59 p.m. EST
Despite the size of its nonlife insurance market, Japan insurance penetration is very low, particularly in commercial and industrial lines, said modeler Risk Management Solutions (RMS).
Earthquake coverage, which includes tsunami, is available as an option to a basic homeowners insurance policy, but less than 50 percent of those insured by conventional insurance companies took the option. This does not include cooperative household policies.
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