Lushan county in China’s southwest was hit by a powerful earthquake this year. Nearly 200 people died and damage was severe, but insurance claims are expected to amount to just Rmb143m ($23.5m), a mere 0.2 per cent of the estimated rebuilding costs.
It is a telling contrast with Hurricane Sandy, which lashed the US Atlantic coast a year ago – almost one-third of properties were insured and claims ran to $18bn.
Natural disasters cost Chinese insurers about a 100th of what they cost US insurers. Far from being a positive for the Chinese industry, it is a measure of the big gaps in coverage in the country.
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