|Copyright:||(c) 2011 A.M. Best Company, Inc.|
|Source:||A.M. Best Company, Inc.|
The drought problem in
The CIRC has requested all insurance regulatory bureaus and property insurers in affected regions to set up task forces and strengthen communications among different level governments to draft action plans and provide relief against the financial impact.
These regions need to submit their action plans to the CIRC on
The commission also urged regional insurance regulatory bureaus and insurers to collect insurance-related drought data. "Insurers are required to process agricultural insurance claims rapidly and pay the compensation in full within 10 days of assessing the crop losses caused by the droughts," noted the CIRC.
Insurance experts warn that with climate change unfolding, catastrophic events such as hurricanes, floods and droughts are likely to increase further, hitting in particular emerging markets and development countries. "The economic costs of natural catastrophes have risen from an average
Catastrophe risk experts are seeking growing interest in catastrophe-related insurance solutions across the
Public-private partnership solutions can "substantially" ease the financial burden natural disasters put on government budgets, noted
To effectively evaluate the natural catastrophe risks and increase relevant risk management in
Through this center, PICC said it will jointly develop catastrophe investigation projects with the
The parties will also study the application of UAV photography to the areas of property insurance, engineering insurance and other special insurance, said PICC in a statement.
The insurer will also invest