Disaster lo40 last year of over 500 billion catastrophe insurance lack a large payment

May 19 at the Chinese insurance Association 2011 annual meeting, published "2011 China risk management" (hereinafter the "report"), as natural risks is on the rise, natural disaster insurance penetration is still low in China. Indicated in the protection of property in 2010 domestic frequent major natural disasters and extreme weather events, disaster death missing 7,844 people, 533.99 billion yuan in direct economic losses, nearly 20 years after the 2008 year of the second year of disaster. 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Global loss of US $ 150 billion according to 2010 there were 960 natural disasters in the world-much higher than the average level in the past 10 years, was the second much disaster in 1980, the year after the 2007 year. 2010 total of 295,000 people died in natural disasters, over US $ 150 billion in direct economic losses, loss of US $ 37 billion of insurance, which insurance losses in Asia in the world is relatively small, only higher than Africa. This is not a good message, means that you can only rely on the Government's fiscal spending, insurance and disaster reduction is far from enough. These reports indicate that in recent years, disaster insurance there are some noteworthy trends in rich, economically developed European countries, insurance claims tend to be more fully functional, risk diversification, the role of transfer losses can often achieve above 60%, greatly reduce the financial burden on States, in developing countries, the State financial or fundraising still had to act as a pay a major role. For example, the United States May 2010 severe storms caused $ 2.5 billion loss, insurance paid $ 1.75 billion, takes on 70% loss of occurred on September 4, 2010, New Zealand seismic economic loss of us $ 3.7 billion, including indemnification completes US $ 3.3 billion, takes on 89.19% loss. However, the January 2010 Haiti earthquake economic loss of $ 8 billion, insurance losses only $ 200 million, only 2.5% of property compensation functions. Many major natural disasters in China in the accident, insurance compensation function is also very weak. For example, a catastrophic earthquake 2008 Wenchuan earthquake in China has caused direct economic losses of more than $ 800 billion, more than 80,000 people were killed and missing persons, total insurance for payment is only $ 1.66 billion. As of April 14, 2010 yushu earthquake in Qinghai province, the earthquake and the earthquake in Haiti, Chile earthquake, floods in Pakistan, Russia heat waves will be set by the United Nations together as one of the five largest disaster in 2010. Eventually only Chile earthquake won higher pay. It is clear that relying on State or private donations is not a long-term answer, especially when more and more of a natural disaster. Munich Re in the detailed analysis of the 2010 global natural disaster analysis pointed out that Asia is already one of the world's largest natural disaster areas, its insurance losses small, mainly because of the insurance penetration rate is not high. Munich Re report shows that in the past 30 years, is the fastest growing areas of natural disasters in Asia and Oceania, followed by North America. 2010 year of natural disasters on a global scale distribution and as in previous years, most of the disasters in the Americas (365) and Asia (310), 120 cases of disasters in Europe, 90 cases in Africa, 65 cases occur in oceanic continent. In addition, this is the level of economic development there is a certain relationship. Assistant to the President of the China insurance regulatory Commission Chen believes that, by contrast, absolute value larger economic loss in developed countries, higher insurance losses, while in developing countries, large economic losses relative to the total national economic value, due to the disaster death toll missing more, smaller insurance losses. From the start with agricultural catastrophe catastrophic risk mechanism was once again on the agenda. On that day, Wu dingfu noted in the foreword of the report, we must focus, speed up research into developing catastrophe insurance system. In his view, the past, traditional commercial insurance often focused on decentralization and transfer of risk, greater emphasis on compensation function, in terms of disaster loss prevention do not enough. The next step, to establish a comprehensive, proactive, long-term risk management models, from "loss mitigation" to "disaster risk reduction" changes. On May 11, national integrated research on disaster prevention and reduction strategy has been started. A long-term participation in the study on catastrophe insurance industry told reporters that the study on catastrophe insurance mechanisms has been going on for three years, as crucial to agriculture, catastrophe insurance would first start with the catastrophe mechanism in agricultural insurance. Disaster preparedness and planted, protection of property called for establishment of earthquake insurance system as soon as possible. PICC property analysis, compensation after the earthquake disaster in China long term subsidized and private donations, earthquake insurance system in China is still blank. From the perspective of international experience, the earthquake insurance system is a more effective system of earthquake disaster loss compensation. Munich Re believes that, relative to other risks, natural catastrophe has its own characteristics, that doesn't happen often, but can bring huge losses. Insurance catastrophe and should be distinguished from other disaster types, scientific standing catastrophe rates. Insurance history in China soon, insurance penetration rate is not high, accumulating losses of data history is very short, catastrophe risk management must not be completely built on the historical experience of the past. However, against catastrophe risks, in addition to insurance, clearly needs other solutions. Munich Re statistics show 2010 nine-tenths weather-related natural catastrophe, such as storms and floods, temperature observed in nearly all ocean areas are on the rise, this long-term trend cannot be explained by natural climate oscillation alone. PICC property believes that, as one of the most severely affected by natural disasters in the world, China should strengthen risk management education, build domestic and international disaster communication platform, using foreign experience in disaster prevention and mitigation, and technology and to strengthen international cooperation and coordination to reduce environmental damage.