Accident insurance targets Japan’s aging population

May 19 2015 by InsuranceAsia News Staff

Japan’s aging population has prompted the country’s insurers to offer accident insurance products specifically for people aged 65 or over, the Yomiuri Shimbun has reported.

Insurers such as Zurich Insurance Co, Sompo Japan Nipponko Insurance Inc and Mitsui Sumitomo Insurance Co are now offering insurance plans for accidental injuries to seniors to address the needs of the growing number of senior citizens.

A 2011 survey conducted by the country’s Health, Labor and Welfare Ministry showed that there were 115,000 Japanese patients in their 70s and 109,000 in their 80s who had suffered fractures.

The figure was triple the numbers for those in their 30s and 40s. Average hospital stay for injuries lasts 46.7 days, the survey showed.

Under the accident insurance plan for seniors, clients will no longer have to undergo a checkup or physical health monitoring, unlike the conventional plans.

The insurance coverage includes bone fractures and long-term hospitalization.

A senior client can also decide on how much insurance coverage he or she wants, depending on lifestyle and estimated cost of treatment, the report stated.