Japan Insurers Eyeing Greater Payouts for Coronavirus Deaths

Economy

Tokyo, April 13 (Jiji Press)--Major Japanese life insurers have started considering increasing benefit payments for deaths caused by the novel coronavirus.

The greater payout is expected to be made for policyholders who concluded special arrangements to increase the amounts of insurance money for deaths caused by disasters, informed sources said.

While the new coronavirus is not included in the category of disasters, the insurers decided to regard the coronavirus outbreak as a disaster because the number of infections is soaring and social concerns over the situation are very high, according to the sources.

With the Financial Services Agency planning to work quickly on necessary approval procedures, the insurers are expected to increase payouts for coronavirus deaths from May at the earliest, the sources said.

Nippon Life Insurance Co. is set to increase payments for those who died of the virus on and after Feb. 1, when a government ordinance to designate the COVID-19 disease caused by the novel virus as an infectious disease under the infectious disease law took effect.

[Copyright The Jiji Press, Ltd.]

Jiji Press