July 28th, 2009

Global Terror Update: Japan

Posted at 1:00 AM ET

global_cover141x141The Marine & Fire Insurance Association of Japan has renewed support for the establishment of an industry-wide fund designed to cover losses from terrorist attacks on Japanese soil. “War risks” are commonly excluded in the general policy conditions for ordinary Japanese non-life insurance policies. However, acts of terrorism are generally treated differently, and many Japanese non-life insurance companies cover acts of terrorism, which is not excluded from most personal property lines. Many non-life insurance companies have set limits on terrorism losses to be covered under the renewed contracts for commercial risks.  

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