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Insurance has big role to play in disaster relief
(Xinhua)
Updated: 2004-07-04 09:24

A senior Chinese insurance regulator said insurance still has a great role to play in China's disaster relief.

"When disasters or accidents occur, people in developed countries would think of insurance companies first. While in China, they would first think of government relief," said Wu Xiaoping, vice-chairman of the China Insurance Regulatory Commission, at a forum on disaster and public management in Beijing Saturday.

Wu said the insurance sector paid around US$42 billion of indemnities as a result of the September 11 terror attacks in the United States, far surpassing federal government allocations of US$20 billion.

In China, the big floods in 1998 caused 248.4 billion yuan (US$29.93 billion) of direct economic losses, while insurance indemnities reached only 3 billion yuan (US$357.14 million). The serious drilling well gush incident in Kaixian County of Chongqing Municipality caused grave casualties and property losses in 2003, yet insurance indemnities reached only 200,000 yuan (US$24,100), said Wu.

Wu said China's insurance business remains young and lacks experience in coping with disasters. The public also lacks insurance awareness.

Disaster management is a comprehensive project that needs the participation of the state finance, insurance companies, reinsurance companies and the policy holders. Commercial insurance should be allowed to play an active role in coping with major natural disasters and emergencies through legislation, Wu said.

Insurance mechanisms that cover earthquake, flood and nuclear mishaps should be instituted, Wu said.

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