Quake policies pass 14 million

JIJI

Earthquake insurance policies totalled 14.1 million as of the end of March, exceeding the 14 million threshold for the first time ever, an industry group said.

The number represents an increase of 10.5 percent from a year before, the biggest gain since 15.3 percent for fiscal 1996, according to the Nonlife Insurance Rating Organization of Japan, made up of 39 nonlife insurance firms.

Many homeowners took out quake insurance contracts in the wake of the March 11, 2011, earthquake and tsunami, particularly in the heavily damaged Tohoku region, the group said Monday.

The hardest-hit prefectures of Fukushima, Miyagi and Iwate occupied first through third places in the rankings for quake insurance contract growth.