Business suspension at overseas bases Coverage of insurance such as human rights expenses

Business suspension at overseas bases Coverage of insurance such as human rights expenses Government-affiliated insurance company March 29 6:31

Numerous Japanese companies have been forced to suspend operations at overseas bases due to the spread of the new coronavirus, and the government-affiliated insurance company Nippon Export and Investment Insurance has paid labor costs for these companies. And the like are covered by insurance, and support will be strengthened.

Due to the spread of infection, the supply network of parts, the so-called supply chain, has been disrupted, and Japanese companies have been forced to suspend factories overseas.

However, private insurers generally treat infectious diseases as exemptions and are not covered by insurance.Therefore, there is growing concern that overseas companies may be burdened heavily and their business performance will deteriorate sharply.

Nippon Export and Investment Insurance has revised its insurance operation to support these companies. If the supply of parts is cut off and overseas factories and other facilities are suspended for more than one month, personnel expenses and equipment management will be reduced. We will compensate for such expenses.

In addition, if payments from overseas suppliers are delayed for more than three months due to the spread of infection, the amount will be compensated.

Nippon Export and Investment Insurance expects the amount of insurance payments to be in the tens of billions of yen due to such measures, but wants to strengthen its support for Japanese companies expanding overseas by flexibly reviewing insurance operations.