Magazine date:
Nov 2012 Munich Re is favorable to the establishment of a partnership between the Chinese private and public sectors in order to develop natural catastrophes insurance. The coverage rate of natural events by the population is low. Only 5% of commercial risks and an even lower percentage of households are covered against such hazards. Swiss Re has estimated that the economic losses caused by an earthquake are poised to amount to 157 billion USD, 1.43 billion USD of which alone would be currently insured. In 2008, the earthquake which hit the Sichuan province resulted in 85 billion USD of damages, 300 million USD of which have been covered by insurance.