Asia Bizz: Nippon Life Insurance Co has to pay insurance benefits of around 50 billion yen due to the Earthquake and Tsunami caused in East Japan. New President Yoshinobu Tsutsui said that the amount was around atleast 4 times more than what was paid at the 1995 Hanshin Great Earthquake. The amount was around 12.7 billion yen at that time.
The president also felt confident to pay the amount without it effecting the Japanese reserves. On the other hand he also stated that policy holders bereaved families should file for the insurance benefits and claim the money.
Nippon life has made a lot of advertisements in the local newspapers so to encourage evacuation camps and that they will mail policyholders the claims and they should be aware.
Companies like Tsutsui and Nippon life have shares worth 52.8 million in Tokyo Electric Power Co. But this could face a setback as there is a steep decline in the share price of Tokyo Electric Power Co due to the destruction caused in Japan due to the earthquake and tsunami.