SOMPO JAPAN OFFERS TOURISM VOLCANO RISK PRODUCT

Sompo Japan Nipponkoa Insurance is looking to sell cover to the Japan’s hospitality and tourism industry to protect against loss of revenues from volcanic eruptions, according to newswire Nikkei. The insurance-like product provides purchasers with a guaranteed payout if the Japan Meteorological Agency sets an alert level of three or higher for a particular mountain. The product is being marketed to corporate customers, such as hot spring resorts – or companies looking to invest in assets near volcanoes. Mount Fuji will be the first volcano for which the policies are offered, with others added later, Nikkei said.