inSharerance Project
Traditional insurance does not work for Catastrophic Risk
This project was launched by Kenichi Nogami, CEO, motivated by the experience of volunteer activities in Tohoku after the Great East Japan earthquake in 2011. We were utterly overwhelmed by the magnitude of devastation of earthquake and tsunami and desolation in the aftermath of the nuclear reactor accident. Later, we were shocked again to find out that traditional insurance contributed almost nothing to help people to recover from the disaster covering only 17% of damage caused by tsunami and earthquake and mere 0.6% of that from the nuclear meltdown at Fukushima.
Catastrophic Risk in 21st Century
Catastrophic risks in the 21st century include not only such traditional risks as those which arise from earthquakes, tsunami and volcanic eruptions, but also new risks caused by human beings from nuclear meltdown and global pandemics to global warming and global IT breakdown, all of which are all too large in their impact and too low in probability for traditional insurers to cover at reasonable prices.
Enter inSharerance – we are here to help solve this problem. There are three moon shots for its break through
- Rediscover insurance - Insurance does not work well for black swan risk.
- Overcoming chicken-and-egg problem - People do not pay due attention to low probability but possibly devastating risk.
- Establishing global risk pool - National governments typically prefer domestic risk pools.
We sincerely recommend your opinion or support to this project.