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International

China to set up disaster insurance system: Regulator

October 20, 2014 Reprints

The China Insurance Regulatory Commission has confirmed plans to establish an insurance system to provide cover for natural disasters, CRIENGLISH.com reports.

Recurring natural disasters in the country have increased the need for a disaster insurance system, which is to be fully implemented in 2017. CIRC plans to compensate victims of disasters through the system. China suffered losses of 69 billion Chinese yuan ($11.3 billion) in 2013 due to natural disasters. Typhoons have cost about CNY 20 million so far in 2014, said an official.

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China to set up disaster insurance system: Regulator

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