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Launch of the first earthquake insurance in China

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Magazine Issue: 
Afro-optimism [3]
Magazine date: 
Jun 2016

The first earthquake insurance policy was introduced on July 1st, 2016 in the Chinese market.

Homeowners can now obtain cover against loss and damage to residential property caused by earthquakes for an average annual premium of 400 CNY (60.2 USD). The cover is however granted if the magnitude of the earthquake exceeds 4.7 on the Richter scale.

The Chinese regulator is planning to expand the range of products to other types of events with the objective of reducing the burden of the state in case of natural disasters.

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Mon, 11/07/2016 - 10:41

Source URL: https://www.atlas-mag.net/en/article/launch-of-the-first-earthquake-insurance

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[3] https://www.atlas-mag.net/en/issue/afro-optimism
[4] http://www.atlas-mag.net/en/article/increase-of-online-non-life-underwritings
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[6] http://www.atlas-mag.net/en/article/tianjin-disaster-latest-estimates-reached-4-billion-usd