2008 1 in mid to early February, the South China region suffered extreme weather, snow and ice, causing direct economic loss of 151.65 billion yuan; the same year in May Wenchuan earthquake occurred, causing direct economic losses of 845.14 billion dollars. The insurance industry were snow and ice for the South of Wenchuan earthquake disaster and payment of claims 5.5 billion and 10 billion yuan, accounting for the insurance claims direct economic losses caused by disasters rates were 3.63% and 0.12%. The winter of 2009, the great drought in the spring of 2010, the insurance compensation rate is very low. This year many provinces and cities are also affected by drought, insurance claims will be no major change status, financial compensation and insurance, a far cry from restoring production of macro-economic functions.
Catastrophe Peifu
reasons for the low
very low loss ratio and the surface temperature due to the lack of snow and ice storms, earthquakes and other disaster-related insurance products. Such as: agricultural insurance many products not yet launched; commercial property insurance, and natural catastrophe related insurance, excluding liability due to the high rates, deductibles and so many companies prohibitive; selling enterprise business interruption insurance for loss or loss of profits insurance few insurance companies, business area is limited, and so on. Taking a company to operate the basic insurance business property insurance, for example, liability insurance, including fire, explosion, lightning and other causes of insured losses, earthquakes, storms, floods, typhoons, storms, tornadoes, snow, hail, ice, debris flow, cliff collapse, landslides and other causes of loss of the insured are exclusions; property all risks, earthquake, tsunami caused by the losses and costs are excepted; comprehensive insurance of property insurance, all the losses caused by the earthquake have also been included in the Liability Exemption.
lack of supply of insurance products, they lack the appropriate type of insurance policy and the insured, claims the amount of naturally small. Snow and ice to disaster, for example, although China Insurance Regulatory Commission require the insurance company can pay do pay, insurance companies also frozen snow disaster-related insurance policy, insurance and accident insurance less detached, and therefore requests Peifu also less.
shallow because insurance companies do not want to develop and operate with the major natural disaster-related insurance products. Insurance companies have to pursue economic efficiency, or the pursuit of profit maximization. Frozen disasters and floods, earthquakes, tsunamis, hurricanes, and so big disaster, like a huge risk for any insurance company is difficult to bear alone. Even with the way of reinsurance or reinsurance risk diversification, the cost is also high. Can be achieved in other types of insurance profit to profit in difficult insurance do not want to work on.
deeper causes of the rare snow and ice disaster, enabling individuals, businesses and governments lack the awareness of disaster prevention and mitigation. For once in several decades, and even the rare major disaster, people often careless. Do not say there is no snow and ice with disaster-related insurance products, if any, in the temperate regions willing to buy such insurance products to customers is probably very small. The Government could not think to use preferential policies to encourage and support the insurance company that insurance products; and some even thought and action, may also be hesitant and slow the knowledge. In the case of small demand, insurance companies will not be difficult to profit in the insurance business.
How can the insurance industry
timely
For these reasons, the ice, floods, earthquakes, tsunamis, hurricanes, drought and other catastrophes, the insurance industry in a timely manner to achieve the damages, timely features, must be done to encourage and support the Government's catastrophe insurance business, insurance companies to prevent accidents, commitment to social responsibility and to spread the risk, enhance citizen awareness of disaster prevention and mitigation.
governments can encourage and support the following measures to the insurance company catastrophe insurance products.
First, choose a strong and reputable, there are brands of large companies to run catastrophe insurance products. This is equivalent to the selected insurance company labeled gold standard and increase its goodwill and other intangible assets.
Second, when the insurance company's loss catastrophe insurance products, the government expenditure from the financial part of the natural disaster relief funds allocated to provide subsidies. The advantage is that the insured party insurance company Peifu time and place than a government department, because the insurance company should request the insured party damages, is the point in time Peifu; the Government's disaster relief is the point opposite the payment After the loss is often due to statistical, reporting application, examination and approval, the process of transfer payments and not enough time.
Third, to develop policies to encourage insurance companies to operate and manage catastrophe risk fund. Purchase of fund shares by the insured, the insurance companies to invest in operating the fund. Earnings, investment income paid to policyholders, insurance companies charge a management fee. In the event of catastrophe, disaster relief, and with victims of this fund. According to share of income and relief spread over. Mentally prepared to buy when there is the insured, usually a gain, when the disaster were offered love, willingly. Government to ensure that the usual minimum investment rate of return. After the disaster than the national fund-raising is more effective, more quickly, more rational, better reflect the people-oriented spirit.
insurance companies to maximize profits, the following important way.
First, to prevent insurance accidents. Insurance companies to establish
Second, the courage to shoulder their social functions in order to win customers. Insurance companies are profitable to the insurance business, but also in national policy support insurance operations are not profitable. Could such as agricultural insurance market to develop some types of insurance sales, the threshold for commercial property insurance companies are no longer able to make more discouraged, and so on. Insurance companies should strive to operate under the policy support catastrophe insurance products, can win the goodwill and other intangible assets and the trust of potential customers, but also allow customers to buy catastrophe insurance products, purchase the same insurance companies and other insurance products.
Third, to spread the risk. The insurance company will insure individuals and businesses through the transfer of risk to come together, through domestic and international reinsurance to spread the risks to foreign and domestic insurance companies to form a national network and global risk diversification. The beginning of the end of this year, due to insurance claims flood in Australia, it is estimated to hit a new high of $ 6,000,000,000, to a large extent dependent on international reinsurance network.
Fourth, the investment of insurance funds. Many large international investment income of insurance companies has become an important source of profit, or even less than underwriting profit.
for freezing, floods, earthquakes, tsunamis, hurricanes, drought and other catastrophes, the insurance industry in a timely manner to achieve the damages, timely features, must be done to encourage and support the Government's catastrophe insurance business, insurance companies, accident prevention, commitment to social responsibility and to spread risk, increase citizen awareness of disaster prevention and mitigation.
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