Mini Insurance Market Expanding in Japan

Economy

Tokyo, April 21 (Jiji Press)--The market for so-called mini insurance policies is steadily expanding in Japan.

The insurance period of such policies is shorter than conventional insurance products, and the amounts of benefits are smaller. Mini insurance users are increasing because premium levels are lower.

The number of companies handling mini insurance is rising. As of last month, 100 firms were registered as official members of the Small Amount & Short Term Insurance Association of Japan.

The number of mini insurance contracts in force totaled 7.53 million at the end of March 2018, up 10 pct from a year before, according to the group.

Certain restrictions are set for mini insurance products, such as a 3-million-yen cap on benefits for death insurance.

[Copyright The Jiji Press, Ltd.]

Jiji Press