BEIJING : Devastating summer floods in the populous province of Henan in central China are a wake-up call for local authorities to seek better insurance cover against natural disasters, potentially opening up a huge market for insurers in the country.
"The gap between economic and insurance losses is still sizable and underpins huge potential demand for catastrophe insurance protection," S&P Global Ratings said in a research note on Tuesday. Latent Chinese demand for protection offers a potential future source of earnings for insurers, but hurdles remain, both global and local.
Disaster insurance coverage in China is also highly dependent on local authorities, which may not necessarily be warm to the idea since they would have to pay for such policies out of their own pockets, unlike in advanced economies like Japan and Australia where it is left to the owner of a property or asset to buy what insurance they can afford or is available.
It is unclear if all the pilots have been renewed, given different local budgets and evolving metrics to accurately measure climate-change risks, which vary across China. The Heilongjiang government did not respond to a Reuters request for comment on payouts and renewal of the pilot.
水壩做的不好
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