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「Society5.0」とパラメトリック保険が拓く巨大災害の「リスク移転」を公表/AIG Institute Insight“Society 5.0” and Parametric Insurance Clearing a Path to “Risk Transfer” for Catastrophic Disasters【ENG】

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AIG Institute Insight “Society 5.0” and Parametric Insurance Clearing a Path to “Risk Transfer” for Catastrophic Disasters

AIG Institute launched its inaugural “AIG Institute Insight” publication which closely looks at issues around risk management to spur discussion. With Japan facing a series of natural disasters, the topical first issue covers “Parametric Insurance”, which could settle payments in accordance with a predetermined index using earthquake intensity or rainfall amount to enable a simplified damage assessment.

The AIG Institute Forum held in Osaka this January addressed the issue of feasibility in continuing to fund expenses for recovery from large natural disasters in Japan which rely to a great extent on government borrowing. Taking into account the limits to public financial assistance with the shrinking tax base due to a decreased and aging population, it is vital to further promote self-help efforts.

With that view, the AIG Institute sees the necessity in drawing up Earthquake Insurance (EQ) coverage, and is considering how “Parametric Insurance” would work when incorporated into the EQ for households leveraging the scheme developed through the Japanese government’s Cross-ministerial Strategic Innovation Promotion Program to estimate EQ damage in an expeditious and detailed manner.

Please click here to read the AIG Institute Insight.