Podcast 4 - Catastrophe Insurance in China
Podcast 4 - Catastrophe Insurance in China
In this podcast, we’ll explore the key challenge of expanding catastrophe insurance in China. The country faces a notably low insurance penetration rate, with only about 10% of Chinese families holding home insurance—far behind the nearly 90% coverage in the United States and well below the global average of 40%. Consequently, in 2023, only 5% of disaster-related economic losses were insured, resulting in a significant coverage gap of USD 23 billion.
A few scenarios discussed in the podcast
- Complexities of climate change
- Data security issues
- Development of more sophisticated risk models
- Collaboration between insurers and the government
