A Preliminary Study on China's Diversified Catastrophe Insurance Model
To enhance and refine China's diversified catastrophe insurance model,this paper proposes four approaches based on the study of China's catastrophe risks and the current state of catastrophe in-surance,along with an analysis of international catastrophe insurance systems.These approaches are:(1)maintaining government leadership to provide basic and universal insurance for urban and rural resi-dents;(2)leveraging market mechanisms to offer a wider variety of insurance products to different groups;(3)utilizing financial instruments to establish a diversified and collaborative risk-sharing mecha-nism;(4)emphasizing disaster prevention as the main focus to improve the nation's capabilities in disas-ter prevention,mitigation,and relief.The paper recommends coordinating resources from the govern-ment,the insurance industry,disaster reduction agencies,and social capital to build an operational model and working mechanism characterized by basic coverage,diversified insurance products,and supported risk sharing.This framework aims to establish a catastrophe risk community,enhance soci-etal resilience against disasters,and provide reliable safety assurances for the well-being of the people.
catastrophe riskuniversal insuranceresilience building
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