Japanese insurers urged to narrow the scope of COVID-19 benefits

The advice comes from the Life Insurance Association of Japan.

The Life Insurance Association of Japan is urging member insurers to consider limiting the scope of policyholders eligible to receive COVID-19 hospitalization benefits, a report by Jiji Press said.

Member insurers are free to set their own standards for payouts, however many are expected to comply and make the recommended changes.

ALSO READ: Cover Genius inks partnership with RedBus for ‘cancel for any reason’ travel cover

This move reflects the health ministry’s shift to requiring detailed infection reports only on cases involving people with high risks of developing severe symptoms.

The association advised that payments should be limited to those who are aged 65 or older, those who will require hospitalisation, patients who will need therapeutic drugs or supplementary oxygen, and women who are pregnant.

 "We will continue to play our role in helping people suffering from disease, based on the insurance system's original significance in society," the Life Insurance Association of Japan said.