China is aiming to strengthen its insurance system, with a particular focus on the impacts of weather and natural disasters and its State Council, a key ruling body, has cited catastrophe bonds again, as one measure that can assist.
Over the years, China’s State Council has repeatedly cited innovative risk transfer, alternative reinsurance capital and hedging mechanisms, as being key to support the country’s continued economic expansion in the face of rising economic losses from weather and catastrophes.
China’s government expends an enormous amount of money each year in disaster response, recovery and rebuilding, as the country experiences significant weather, climate and catastrophe impacts, with much of the costs going uninsured.
FULL ORIGINAL PUBLICATION HERE
