Sompo Japan Insurance had started selling weather insurance, aimed at tourism-related businesses, that protected against losses that resulted from heavy rain during the spring cherry blossom season, Nikkei Financial Daily reported yesterday, without saying where it got the information.
Sompo Japan's product would pay policyholders such as restaurants and hotels for each day to a maximum of 10 days that rainfall was more than 10mm above a predetermined amount in the period from March 19 to April 10, Nikkei said.
Sales of Sompo Japan's weather insurance products that started in 1999 had been rising as more abnormal weather was recorded and the products became more widely known, Nikkei said.
The Tokyo-based insurance company also covered businesses against losses caused by long periods of rainfall in autumn and low spring temperatures, the report said.
