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The recent earthquakes that hit Japan's Kumamoto Prefecture are likely to result in the second highest property insurance payout total for any natural disaster in the country, reported Asia Insurance Review citing The Nikkei.
The payout is expected to be high, partly on the growing popularity of earthquake insurance.
The General Insurance Association of Japan said that insurers have received 68,913 damage claims related to the quakes.
About 29% of Japan's households had purchased earthquake insurance by the end of fiscal year 2014-15, compared with only 9% at the end of the 1994-95 fiscal year.