On The Establishment Of China's Disaster Insurance System

China, one of the worst earthquake stricken countries in the world, suffered high magnitude devastating earthquakes like Wenchuan Earthquake and Yushu Earthquake during the period from 2008 to 2011, which caused severe economic losses and casualties. This series of disastrous events posed strong challenges to our capacity of catastrophic coverage. On the one hand, how to forecast catastrophes such as earthquakes to take early protection measures has become an important topic. On the other hand, how to achieve the rapid recovery and reconstruction of the disaster-affected areas and provide the victims with proper rescue and resettlements is not only a problem that urgently needs to be solved, but a tough task currently faced by the social security system.Seen from the handling of catastrophes all across the world, generally speaking, main means of catastrophe security are as follows: respectively, the social relief supported by the financial allocation, the help from government and donations given by citizens both home and abroad and charity organizations, and the commercial disaster insurance that transfers risks. As the disaster insurance system is not well improved, it cannot play a pivotal yet. With the participation of government and social forces we should establish a disaster system in according with our national conditions which is based on government legislations, supported by government, and market-operated by the commercial insurance in order to realize multi-sharing of risks and enhance the capacity of risk prevention.This paper discusses the construction of disaster insurance system at the backdrop of China's national conditions.