JAPAN INSURERS TO PUSH NURSING POLICIES

JAPAN INSURERS TO PUSH NURSING POLICIES

Japanese insurance companies are preparing to step up sales of nursing insurance as the society continues to age steadily, according to industry officials, Kyodo News Service reported.

The insurance provides for payment of a stipulated sum of money to a named beneficiary when the insured person requires nursing over a specified period.The Health and Welfare Ministry has forecast that the number of bed-ridden older people will rise to 1.7 million in fiscal 2010 from 900,000 in fiscal 1993, while the number of victims of senile dementia will increase to 2.26 million from less than 1 million.

As of last March 31, Japanese life insurance companies had 770,000 outstanding nursing insurance contracts, while nonlife insurance companies had 1.04 million such contracts, the officials said.