On-demand Insurance is booming in Japan

On-demand Insurance is witnessing brilliant success in Japan. This solution emerged in 2012 when the Japanese insurer, Tokio Marine & Nichido Fire Insurance, proposed a daily motor insurance product. From the afore-mentioned year up to the end of January 2018, the total number of the contracts underwritten for this type of coverage amounted to 6.5 million.

Several other insurers such as Mitsui Sumitomo Insurance have embarked on this profitable niche. The company will, for the next days, be marketing a leisure insurance on a daily basis. This plan will be covering, during a limited period of 24 hours, bodily injuries sustained by policyholders or third parties during the exercise of some risky sports such as mountain climbing or skiing.

Insurance of valuable items is also thriving considerably. In November 2017, Warrantee, a company based in Osaka, launched an insurance plan “on request” which is designed to provide short-term coverage for tablets, smartphones, cameras, etc.