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11 Weather Index Insurance and Commercial Applications in China

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Chapter Summary

This chapter describes the advantages and disadvantages of a weather index insurance, comparing it with traditional property and casualty insurance. A case study conducted by the China Meteorological Administration in Fujian Province offers the modus operandi and several developmental suggestions for a weather index insurance and its commercial application. Weather index insurance is based on the index of one or more meteorological conditions. When the weather index reaches a certain level, the insured person or entity receives a standardized compensation. Meteorological indexes such as extreme temperatures, precipitation, wind speed, typhoon intensity, air humidity, among others, are generally used for weather index insurance. Linking the national disaster plan, risk management measures, and the weather index insurance market is critical for post-disaster reconstruction and timely compensation of disaster losses. The Chinese insurance market provides risk management consulting services for the government and enterprises.

Keywords: China; China meteorological administration; weather index insurance



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