Mitsui Marine to offer quake insurance deal

Mitsui Marine and Fire Insurance Co. will begin offering from July an earthquake insurance policy that would return 20 percent of the premium paid if no claims were paid during the period insured, company officials said Monday.

It would be Mitsui Marine's first product to be sold after regulations on nonlife insurance premium rates are liberalized July 1. The new policy, which would be available to customers who already have fire insurance, would cover small buildings and shops that are determined to be well-protected against earthquakes.

By limiting the property insured to low-risk buildings, the need to reinsure becomes less necessary and paves the way for the reduction of premium rates, according to Mitsui Marine.