Insurance is a financial arrangement that provides protection against potential future losses or damages. It involves the transfer of risk from an individual or organization to an insurance company in exchange for premium payments. When an insured event occurs—such as an accident, illness, theft, or natural disaster—the insurance company compensates the policyholder or a third party for the incurred losses, as outlined in the insurance policy. Insurance helps mitigate financial uncertainty by offering financial security and peace of mind, allowing individuals and businesses to manage risks more effectively. There are various types of insurance, including life insurance, health insurance, property insurance, liability insurance, and auto insurance, each serving specific needs and circumstances.
Japan's increasing earthquake insurance coverage reflects a shift towards resilience and preparedness following the Great East Japan Earthquake 14 years ago. The adoption of earthquake insurance has surged by 30…