Henan Province is the latest in China to announce a pilot program for parametric catastrophe insurance, with an initial focus on extreme rainfall and flood coverage.
Henan’s local government said that the pilot will allow the region to adopt the parametric catastrophe insurance, with rainfall related triggers for city and municipality covers, as well as an additional product that can pay out based on the number of properties damaged after a natural disaster has been declared.
The Henan provincial government urged its cities and municipalities to, “increase their insurance coverage as far as their financial resources allow.”
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