Global News - Sompo Japan offers terrorism insurance for corporates
Source: Middle East Insurance Review | May 2016
Sompo Japan Nipponkoa Insurance has started offering insurance policies covering corporate losses resulting from terrorist activity worldwide.
Sompo Japan will offer up to JPY5 billion (US$46.4 million) in terrorism coverage, which will include lost income during forced shutdowns of facilities and damage to buildings under construction. However, attacks with biological or chemical weapons will be excluded, reported The Nikkei. Premiums will vary by country or region.
The insurer foresees demand from operators of such facilities as hotels, malls, petroleum plants and power stations.
Sompo Japan and its overseas units will sell the new product, with European subsidiary Sompo Canopius providing reinsurance.
JPY10 = US$0.09