The insurance industry refers to the sector of the economy that provides risk management services through the sale of insurance products. This industry encompasses a wide range of companies and organizations that offer various types of insurance, including life, health, property, casualty, and auto insurance. Insurers collect premiums from policyholders in exchange for financial protection against specified risks and uncertain events, such as accidents, illnesses, or disasters. The industry plays a crucial role in mitigating financial loss and promoting economic stability by helping individuals and businesses manage potential risks and recover from losses. Insurance companies operate under regulatory frameworks to ensure they maintain sufficient reserves to pay out claims and protect policyholders’ interests. Additionally, the industry includes agents, brokers, underwriters, and claims adjusters, all of whom facilitate the process of providing insurance coverage and managing policies.
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…