Catastrophe Insurance System Research In China

On March11th2011, there happened Richter9.0earthquake in northeastern Japan,which caused serious economic losses and casualties in Japan and neighboring countriesand regions. In recent years, catastrophic accident happened one after another in China.The frequent occurrence of catastrophic accidents sounded the alarm to preventcatastrophe. Japan, as a country prone to earthquake and secondary disasters, whoseusing of advanced management accumulated a wealth of experience to deal withcatastrophe, is the object of various countries and regions of the world to emulate. In theface of sudden catastrophes, Japan can not avoid the occurrence of catastrophes causedgreat disaster. China as a country with a high catastrophe should also actively exploreeffective measures for disaster prevention and mitigation.China has initially established the face of catastrophe management models andmethods, but there are still many problems. China since1980to restore the property andcasualty insurance business has seen a rapid development, but the coverage still has itslimitations. In the property insurance of the existing property and casualty insurancecompanies, only the ones for enterprises with limited corresponding insurance against therisk of natural disasters. The government has not established a complete catastrophe riskinsurance mechanism. China’s Ministry of Finance does not set up a special fund forcatastrophe risk. And after catastrophe occurred, the limited means of financing foreconomic losses caused by the compensation mechanism can not effectively play a role.In recent10years of catastrophe in China, the national relief and charitable donationsfrom the community played a major compensation.This article is divided into six parts. The first part of this article is the introduction,which introduces the research background of catastrophe insurance, domestic andinternational research profile, research significance, and research ideas and frameworks,and also introduces the innovation and the inadequate of this paper. The second part isthe theoretical research of the catastrophe insurance, the introduction of the concept ofcatastrophe risk and catastrophe insurance, and discusses the prominent feature of theinsurability of catastrophic risks. The third part introduces the current development ofChina’s Catastrophe Insurance System, the focus of the necessity and feasibility of theestablishment of a catastrophe insurance system in China. The fourth part to start from New Zealand, the United Kingdom, United States, Japan, their catastrophe insurancesystem characterized by horizontal comparison, the establishment of the China’sCatastrophe Insurance System has important reference value for reference. The fifth partsuggests the specific development proposals for the establishment of the China’sCatastrophe Insurance System. The last part is the conclusion, a summary of the full text.