Research On The Establish Of Catastrophe Insurance System In China

The country during the two sessions in2013, More and more people are concerned about the catastrophe insurance that closely related with people’s lives and property safety. China Insurance Regulatory Commission Chairman Xiang Junbo said, Agricultural Insurance Regulations introduced from March1, CIRC will focus on catastrophe insurance next step". In addition, A member of the eleventh National People’s Congress of the National Guo Guangchang proposed,"Proposal on the establishment of a security system of catastrophe insurance". He believes, China is a natural disaster-prone countries that should establish its own catastrophe insurance system to protect property in rural and urban areas.In recent years, not only global catastrophe is growing, but also suffered serious losses. According to a report released by the Swiss Reinsurance, Japan earthquake caused insured losses of$35billion in2011, become the sum payable highest earthquake since records began. At that time, the flood disasters have led to the loss equally unprecedented. Australia floods is the largest loss of the country’s natural disaster events, the amount of insurance claims over two billion dollars. The Thailand floods caused the amount of up to$12billion in insurance claims, And domestic, in recent years occurred in Wenchuan earthquake, Yushu earthquake and Zhoushan mudslides, also caused heavy casualties and property losses. According to statistics of the Ministry of Civil Affairs and the National Disaster Reduction Committee,290million people affected by natural disasters in2012,900,000houses were destroyed, causing direct economic losses of418.4billion.Establishment of catastrophe insurance system in China is imperative. This article starting from the study of catastrophic risk management system of the status quo, by summarizing the development mode of foreign catastrophe insurance. Concluded and explore the theory and practice of catastrophe risk management system, approve the establishment of the government policy guidance and commercial insurance combined operating model. Establish catastrophe funds and catastrophe risk management institutions, take reinsurance and risk management measures for Catastrophe Insurance, to improve Catastrophe Fund solvency and stability, Ultimately the formation of the catastrophe insurance system suitable for China’s national conditions, constituted by the government, commercial insurance companies, reinsurers, investors, give full play to the Insurance Supplemental Security, to auxiliary social management and promote economic development.