Catastrophe Insurance Policy for China
The vast majority of China's population lies to the southeast of a line running from Beijing to Sichuan. This entire region is subjected to major floods each year, while typhoons affect the southern and eastern coastal areas and major earthqua...
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| Format: | Publications & Research |
| Language: | English |
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World Bank, Washington, DC
2012
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| Online Access: | http://documents.worldbank.org/curated/en/2010/12/13337567/catastrophe-insurance-policy-china http://hdl.handle.net/10986/10127 |
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okr-10986-101272021-04-23T14:02:48Z Catastrophe Insurance Policy for China Wang, Jun CATASTROPHIC EVENTS COMPULSORY INSURANCE COVERAGE DAMAGES DISASTER DISASTER ASSISTANCE DISASTER INSURANCE DISASTER MITIGATION DISASTER RECOVERY DISASTER REDUCTION DISASTER RELIEF DISASTER RISK EARTHQUAKE EARTHQUAKES FINANCIAL INSTRUMENTS FIRES FLOOD FLOODS GOVERNMENT BUDGET GOVERNMENT INSURANCE GROWTH RATE INSURANCE INSURANCE COMPANIES INSURANCE INDUSTRY INSURANCE MARKET INSURANCE PENETRATION INSURANCE POLICIES INSURANCE POLICY INSURANCE PREMIUM INSURANCE PREMIUM RATES INSURANCE REGULATIONS INSURANCE RISK INSURANCE SYSTEM INTERNATIONAL STRATEGY FOR DISASTER REDUCTION LANDSLIDES LIQUIDITY LIQUIDITY FACILITY LOCAL GOVERNMENT NATURAL CATASTROPHES NATURAL DISASTER NATURAL DISASTERS NATURAL HAZARD NATURAL HAZARDS PREMIUMS PRIVATE INSURANCE PRIVATE REINSURANCE PROGRAMS PROPERTY INSURANCE RATES REGULATORS REGULATORY FRAMEWORK REINSURER RESERVES RETURN RISK EXPOSURE RISK INSURANCE RISK MANAGEMENT RISK MITIGATION RISK REDUCTION RISK UNDERWRITING SETTLEMENT SOFT LOANS SOLVENCY SUSTAINABLE DEVELOPMENT TSUNAMIS TYPHOONS UNDERWRITER The vast majority of China's population lies to the southeast of a line running from Beijing to Sichuan. This entire region is subjected to major floods each year, while typhoons affect the southern and eastern coastal areas and major earthquakes affect the western and northern margins. The average annual direct property damage is estimated at approximately USD 15 billion, and when combined with other immediate economic losses, including business interruption, disaster relief, and other costs, is considerably larger. As with other sectors, insurance in China is growing rapidly, with a compounded annual growth rate of 25 percent since 2001. The property insurance industry, nevertheless, is underdeveloped. Total property premiums in China are about USD 15 billion, whereas the losses from the Wenchuan earthquake alone are likely to exceed USD 100 billion. According to most estimates, only 5 percent of property in China is insured, primarily among commercial and industrial users. When it comes to private dwellings, it is estimated that today only 1 out of 100 is insured against natural hazards. Clearly, the current property insurance market in China is dwarfed by the nation's need for catastrophe risk protection; at the present level of insurance penetration, China's insurance industry cannot provide significant compensation for large natural hazards losses. 2012-08-13T10:29:52Z 2012-08-13T10:29:52Z 2010-12 http://documents.worldbank.org/curated/en/2010/12/13337567/catastrophe-insurance-policy-china http://hdl.handle.net/10986/10127 English EAP DRM Knowledge Notes; No. 17 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank World Bank, Washington, DC Publications & Research Publications & Research :: Brief East Asia and Pacific China |
| repository_type |
Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English |
| topic |
CATASTROPHIC EVENTS COMPULSORY INSURANCE COVERAGE DAMAGES DISASTER DISASTER ASSISTANCE DISASTER INSURANCE DISASTER MITIGATION DISASTER RECOVERY DISASTER REDUCTION DISASTER RELIEF DISASTER RISK EARTHQUAKE EARTHQUAKES FINANCIAL INSTRUMENTS FIRES FLOOD FLOODS GOVERNMENT BUDGET GOVERNMENT INSURANCE GROWTH RATE INSURANCE INSURANCE COMPANIES INSURANCE INDUSTRY INSURANCE MARKET INSURANCE PENETRATION INSURANCE POLICIES INSURANCE POLICY INSURANCE PREMIUM INSURANCE PREMIUM RATES INSURANCE REGULATIONS INSURANCE RISK INSURANCE SYSTEM INTERNATIONAL STRATEGY FOR DISASTER REDUCTION LANDSLIDES LIQUIDITY LIQUIDITY FACILITY LOCAL GOVERNMENT NATURAL CATASTROPHES NATURAL DISASTER NATURAL DISASTERS NATURAL HAZARD NATURAL HAZARDS PREMIUMS PRIVATE INSURANCE PRIVATE REINSURANCE PROGRAMS PROPERTY INSURANCE RATES REGULATORS REGULATORY FRAMEWORK REINSURER RESERVES RETURN RISK EXPOSURE RISK INSURANCE RISK MANAGEMENT RISK MITIGATION RISK REDUCTION RISK UNDERWRITING SETTLEMENT SOFT LOANS SOLVENCY SUSTAINABLE DEVELOPMENT TSUNAMIS TYPHOONS UNDERWRITER |
| spellingShingle |
CATASTROPHIC EVENTS COMPULSORY INSURANCE COVERAGE DAMAGES DISASTER DISASTER ASSISTANCE DISASTER INSURANCE DISASTER MITIGATION DISASTER RECOVERY DISASTER REDUCTION DISASTER RELIEF DISASTER RISK EARTHQUAKE EARTHQUAKES FINANCIAL INSTRUMENTS FIRES FLOOD FLOODS GOVERNMENT BUDGET GOVERNMENT INSURANCE GROWTH RATE INSURANCE INSURANCE COMPANIES INSURANCE INDUSTRY INSURANCE MARKET INSURANCE PENETRATION INSURANCE POLICIES INSURANCE POLICY INSURANCE PREMIUM INSURANCE PREMIUM RATES INSURANCE REGULATIONS INSURANCE RISK INSURANCE SYSTEM INTERNATIONAL STRATEGY FOR DISASTER REDUCTION LANDSLIDES LIQUIDITY LIQUIDITY FACILITY LOCAL GOVERNMENT NATURAL CATASTROPHES NATURAL DISASTER NATURAL DISASTERS NATURAL HAZARD NATURAL HAZARDS PREMIUMS PRIVATE INSURANCE PRIVATE REINSURANCE PROGRAMS PROPERTY INSURANCE RATES REGULATORS REGULATORY FRAMEWORK REINSURER RESERVES RETURN RISK EXPOSURE RISK INSURANCE RISK MANAGEMENT RISK MITIGATION RISK REDUCTION RISK UNDERWRITING SETTLEMENT SOFT LOANS SOLVENCY SUSTAINABLE DEVELOPMENT TSUNAMIS TYPHOONS UNDERWRITER Wang, Jun Catastrophe Insurance Policy for China |
| geographic_facet |
East Asia and Pacific China |
| relation |
EAP DRM Knowledge Notes; No. 17 |
| description |
The vast majority of China's
population lies to the southeast of a line running from
Beijing to Sichuan. This entire region is subjected to major
floods each year, while typhoons affect the southern and
eastern coastal areas and major earthquakes affect the
western and northern margins. The average annual direct
property damage is estimated at approximately USD 15
billion, and when combined with other immediate economic
losses, including business interruption, disaster relief,
and other costs, is considerably larger. As with other
sectors, insurance in China is growing rapidly, with a
compounded annual growth rate of 25 percent since 2001. The
property insurance industry, nevertheless, is
underdeveloped. Total property premiums in China are about
USD 15 billion, whereas the losses from the Wenchuan
earthquake alone are likely to exceed USD 100 billion.
According to most estimates, only 5 percent of property in
China is insured, primarily among commercial and industrial
users. When it comes to private dwellings, it is estimated
that today only 1 out of 100 is insured against natural
hazards. Clearly, the current property insurance market in
China is dwarfed by the nation's need for catastrophe
risk protection; at the present level of insurance
penetration, China's insurance industry cannot provide
significant compensation for large natural hazards losses. |
| format |
Publications & Research |
| author |
Wang, Jun |
| author_facet |
Wang, Jun |
| author_sort |
Wang, Jun |
| title |
Catastrophe Insurance Policy for China |
| title_short |
Catastrophe Insurance Policy for China |
| title_full |
Catastrophe Insurance Policy for China |
| title_fullStr |
Catastrophe Insurance Policy for China |
| title_full_unstemmed |
Catastrophe Insurance Policy for China |
| title_sort |
catastrophe insurance policy for china |
| publisher |
World Bank, Washington, DC |
| publishDate |
2012 |
| url |
http://documents.worldbank.org/curated/en/2010/12/13337567/catastrophe-insurance-policy-china http://hdl.handle.net/10986/10127 |
| _version_ |
1764411950424391680 |