China’s $41bn of 2015 catastrophes uninsured
Saturday, 01 16 2016, Category: Insurance and Reinsurance, Country: China
According to China’s government Ministry of Civil Affairs, natural catastrophes and severe weather events cost the country a huge $41 billion of economic losses in 2015, a number that is far above the total covered by insurance and reinsurance.
China, despite having been the fastest developing country in recent years, remains a country where under-insurance is an issue and the protection gap opportunity is extremely evident.
Natural disasters across 2015 killed 819 people in China and a massive 186 million people were said to have been affected, either directly or indirectly, by catastrophes and severe weather events during the year.