Study On The Legal System Of Weather Index Insurance In China

The importance of weather risk to economic development has become increasingly prominent,and the development of many industries is closely related to weather risk.Index-based weather insurance,also known as weather Index insurance,refers to the specific weather conditions(such as precipitation,temperature,wind speed,etc.)Index as the trigger mechanism,does not take the actual loss as the amount of loss compensation.A type of insurance in which an insurance company pays the insured a premium based on a weather index.Compared with traditional property insurance,weather index insurance has three characteristics and advantages of certainty,simplicity and standardization.In the aspect of insurance theory,there is controversy about whether it conforms to the basic principles of insurance law.As far as insurable interest principle is concerned,traditional insurance mostly takes the existing interest as content,while weather index insurance is an innovation realized in a quantitative way.In terms of the principle of recency,the weather index insurance realizes the identification of causality through its characteristic of index insurance,combined with the way of excluding other factors,so as to achieve the situation of numerical trigger.In terms of the principle of loss compensation,the weather index insurance realizes the innovation and development of loss compensation through the reform of loss determination mode and considering from the Angle of risk causing factors.After the accident,compared with the traditional insurance,the biggest innovation of weather index insurance lies in the simplification and shortening of the claim settlement link.Weather index insurance originated in the energy field,developed and mature in agriculture,and is mainly used in the agricultural field at present.The United States,Japan,India and other countries,as traditional agricultural countries,have accumulated experience in the process of developing weather index insurance,such as subject stratified design,preferential tax support and supporting policy guidance.From the development history of weather index insurance,the main problems of weather index insurance at the present stage are confusion of insurance subjects,difficulty in identifying insurable interests in the actual claim settlement operation,difficulty in implementing the burden of proof,difficulty in determining loss compensation standard,easy to lead to the basis risk and the absence of related policy support and other supporting measures.In order to construct a perfect weather index insurance system in the future,different measures should be taken for different subjects and different policy support should be realized by stratified design of subjects.Use modern technology means such as big data to clarify the scope of insurable interest.Assign the burden of proof to the insurance company to realize the simplicity of insurance claim settlement.The moral hazard can be prevented through the change of the way of loss determination,and the basis risk can be reduced in the form of portfolio products,so as to realize the unity of loss compensation standard.To ensure the smooth operation of weather index insurance system with perfect taxation and government supervision and guidance.