Saturday, July 22, 2017

China launches catastrophe insurance research centre

With the aim of providing technology and services support for a solid catastrophe insurance system, China has launched the country’s first research institution focusing on major disasters.

The China Reinsurance Catastrophe Research Centre will focus on building and modeling a catastrophe database to come up with insurance products and develop an information-sharing platform.

The centre is being created by natonal reinsurer China RE, according to the centre’s head of research, Zhou Junhua.

According to the China Insurance Regulatory Commission, the central government has prioritised a fully functional catastrophe insurance system.

Catastrophe insurance will be promoted nationwide between 2017 and 2020, according to a China Daily report.

The insurance regulator said it will continue to promote regulation development related to reinsurance.

China RE CEO Yuan Linjing said reinsurance is an important part of the country’s catastrophe insurance system.

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