China: Catastrophe insurance in the works

"A special team, led by the Ministry of Finance (MOF), has been set up to work on the catastrophe insurance scheme," an official told China Daily when attending the 2010 Asia Pacific Agricultural Insurance and Reinsurance Conference this week.

Yu Qing, vice-president of China Reinsurance (Group) Corporation stated that even with the absence of a catastrophe insurance scheme right now, there are other ways to improve the situation, "For instance, we can set up an agriculture reinsurance community to increase insurers' underwriting capacity and diversify their risks by bringing more insurers in," he said.