Munich Re Specialty has launched parametric earthquake insurance for corporate clients in Japan.

The cover will use data from the nation’s K-NET and Kik-net seismic monitoring stations and is designed to support a broad range of industries.

Japan records about 1500 earthquakes a year, and one recently struck the Kumamoto prefecture, killing dozens of people.

The parametric product uses the Lloyd’s Japan platform, supported by the Munich Re Capital Partners alternative risk transfer business unit.

Munich Re Specialty Global Markets Syndicate CEO Stephanie Ogden said: “Our role is to help businesses continue their routine operational practices in the face of the devastating impacts of natural catastrophes. Here, we enhance our purpose by enabling fast claims settlements and harnessing global collaboration, skill sets and knowledge across Munich Re.”

Lloyd’s Asia-Pacific, Middle East and Africa CEO Emma Loynes says the product is an example of Lloyd’s international platform enabling specialist underwriting expertise to reach clients in key markets.

“By combining global risk capital with local access through Lloyd’s Japan, we can help the market respond to client needs with solutions that are innovative, relevant and resilient,” she said.