Swiss Re Corporate Solutions expands its Innovative Risk Solutions offering by launching a tsunami derivative solution for businesses operating in Japan. The new product addresses an insurance protection gap as conventional indemnity solutions typically offer insufficient tsunami coverage, especially for infrastructure damage, clean-up and recovery expenses.
Unlike traditional insurance covers, which require loss investigations and adjudication, the tsunami derivative solution provides a pre-agreed pay-out amount based on the height of the tsunami as recorded and validated by the Japan Meteorological Agency (JMA). The new product, which is available immediately through Swiss Re Corporate Solutions Global Markets Inc., a wholly-owned subsidiary of Swiss Re Corporate Solutions, offers beneficiaries a range of coverage limits from between USD 30 and 100 million, which can be paid within 40 days after the actual tsunami arrival. Available coverages and pay-out options are structured from a starting tsunami height of three metres and above.
"Earthquakes and ensuing tsunamis have devastated many areas of Japan. With this tsunami derivative, we're helping corporations to become more resilient," states Koichi Fujita, Originator at Swiss Re Corporate Solutions. "Our new product provides financial relief that can help organizations recover and minimize business disruption following a tsunami. Pay-outs can be made extremely quickly, irrespective of actual losses and without any proof of loss. Once we receive the record from the JMA that states the tsunami height is above a pre-agreed level, the pay-out is triggered."
In recent times, a number of tsunamis have impacted Japan. The 2011 Tōhoku earthquake caused powerful tsunami waves that reached heights of up to 40.5 metres (133 feet) in Miyako in Tōhoku's Iwate Prefecture, and which, in the Sendai area of Northern Japan, travelled up to 10 kilometres (6 miles) inland. Swiss Re's sigma publication estimated the devastating earthquake and ensuing tsunami to have caused an economic loss of approximately USD 210 billion. The 2016 Fukushima earthquake also caused tsunami waves that struck the Fukushima coast and at Sendai, the capital city of Miyagi Prefecture.
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