Swiss Re Partners with Chinese Government in Reinsurance Scheme

by swisscham in Bank, Finance, Insurance

Swiss Re announced a public-private partnership with the government of Heilongjiang Province, China and the Sunlight Agriculture Mutual Insurance Company of China for a reinsurance protection scheme. As communicated by Swiss Re, the scheme Ð which covers 28 poverty-stricken counties in Northeast China Ð is the first that the Chinese government establishes using commercial insurance programmes to protect farmers against financial risks from natural catastrophes, and it is also the first anti-poverty insurance deal in the country. The scheme provides financial compensation for harm to lives and property of farming families and covers loss of income after floods, excessive rain, drought and low temperatures for a total of up to USD 348 million. Swiss Re global partnerships Chairman Martyn Parker said: ÒThis is a real innovation and a groundbreaking success in supporting China to protect against fiscal fluctuation caused by natural disasters. It has also set up an excellent example of public private partnership in mitigating natural catastrophe risks with insurance programs.Ó

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