News Non-Life01 Jun 2018

China:District government first to buy disaster insurance in Shanghai

01 Jun 2018

The central district of Huangpu in Shanghai is getting protection from disasters that may arise during this year's flood season.

The district government has become the first in the city to purchase catastrophe insurance for residents and those working or travelling in Huangpu, reports Shine News.

Housing or family property losses, as well as death during typhoon, rainstorm, flood or other disasters within the district can be compensated through the insurance.

“Each household can be compensated by at most CNY12,000 ($1,870) if their apartment is flooded or damaged during disasters,” Gan Yuli, deputy general manager with China Pacific Insurance’s Shanghai branch told a local television station. Other property losses can lead to compensation up to CNY6,000 yuan.

Furthermore, a maximum of CNY800,000 will be compensated under the scheme for any death caused by typhoon, rainstorm, flood or other emergencies, according to the company. Rescuers taking part in flood prevention or disaster relief can receive compensation for serious injury or medical treatment.

The district government purchased the insurance with governmental funds. China Pacific Insurance became the chief insurer through a public tender. It is teaming up with Ping An Insurance and PICC as joint insurers.

“The downtown district has a large number of residents and many old brick-and-wood houses that are at risk in case of disasters,” said Chen Zhuofu, deputy director of Huangpu. The district has over two million people, including 650,000 residents as well as tourists and office workers. All of them will be covered under the insurance scheme.



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