China starts offering special earthquake insurance policies
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.