Defects and development of catastrophe insurance in China

Catastrophe refers to natural disasters that caused huge damages to people's lives and property. Catastrophe insurance is a form of insurance through which the risks caused by natural disasters like earthquakes, hurricanes, tsunamis, floods can be dispersed. In recent years, the importance of catastrophe insurance has brought to the forefront of many countries and the catastrophe insurance products and systems are improving as the enormous losses caused by catastrophic natural disasters. China's economic losses caused by natural disasters are also very serious, but there is no catastrophe insurance has been established. To establish an insurance as the basis?variety of social assistance and government financial support for disaster relief system is currently respond to important tasks of catastrophic natural disasters.