China starts offering special earthquake insurance policies

Source(s): Caixin Media Company Limited

By Ding Feng, Staff Reporter

More than 40 Chinese insurers have started selling special policies to cover earthquake damage to homes, as part of a government-backed push to develop the market for catastrophe insurance.

Starting this month, companies and individuals can buy earthquake covers from any of the 45 members of a consortium formed last year, Jiang Caishi, vice president of PICC Property and Casualty Co. Ltd, which leads the association, said on July 1 at a press conference.

The covers offer a maximum payout of 1 million yuan for damages caused to a residential property by an earthquake, according to Jiang.

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