In this podcast, we鈥檒l 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鈥攆ar 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听
- Collaboration between insurers and the government
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