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China: Shenzhen introduces catastrophe insurance program on pilot basis

July 17, 2014 - 6:00am

China's Shenzhen city has introduced a catastrophe insurance pilot program, Asia Insurance Review reported.

The catastrophe insurance will cover 15 types of natural disasters. The total available protection for a disaster will be 2 billion Chinese yuan ($322 million). The Shenzhen Municipal Government will provide CNY 36 million annually to the Shenzhen unit of the People's Insurance Co. of China Ltd., which manages the scheme, for the insurance cover.

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