After the Japan Earthquake, Tsunami and Nuclear Disaster: Assessing a New Role for Re-Insurance, Social Insurance and Provident Fund Systems in Providing ‘Social Security for Natural and Man-Made Disasters’

Abstract

Following the current Japan crisis with the multiple disasters of earthquakes, tsunami and nuclear disasters, it becomes clear that new policy solutions need to be found that enable larger risk pooling, covering of new risks and much larger risks, especially natural disasters or man-made disasters (also e.g. volcanic eruptions, terrorist attacks, pandemics, etc.). This paper briefly states the idea and first guiding principles of setting up new social security systems to address yet uncovered risks (or risks beyond certain cut-off points) with regard to natural and man-made disasters. This article introduces the idea of setting up new social security systems, as well as new methods to support social security provision, such as, “re-insurance of social insurance.”