What is Earthquake Insurance?

On April 20, a magnitude 7.0 earthquake hit Ya'an, Sichuan. After the earthquake, people wiped away their tears, regained hope, and rebuilt their homes. Then, after the earthquake, if there is any loss of property or people, and the affected households who have purchased commercial insurance, what protection can the affected households who have purchased commercial insurance get?

Earthquake insurance

Right!

On April 20, a magnitude 7.0 earthquake hit Ya'an, Sichuan. After the earthquake, people wiped away their tears, regained hope, and rebuilt their homes. Then, after the earthquake, if there is any loss of property or people, and the affected households who have purchased commercial insurance, what protection can the affected households who have purchased commercial insurance get?

In fact, life insurance (human life and life) as the subject matter of insurance, including life insurance (term life insurance, life insurance, dual life insurance, etc.), personal accident insurance, personal accident medical insurance, travel accident insurance and other insurance liabilities generally All include the responsibility of earthquake protection.

Chinese name

Earthquake insurance

Claim

Payments under extended terms

Types of

Compensable and deductible earthquake insurance

Tips

Should pay close attention to insurance clauses

As far as property insurance is concerned, earthquake insurance cannot be individually insured. It is a clause called additional destructive earthquake insurance that is added to some types of property insurance, such as property insurance that extends the insurance liability in special large commercial risks. , The insurance company will pay according to the extended terms, including property damage caused by the earthquake.

On April 20, after the magnitude 7.0 earthquake in Ya'an, Sichuan, the China Insurance Regulatory Commission initiated a three-level response procedure for emergency plans for major emergencies in the insurance industry, requiring all relevant insurance companies to immediately engage in earthquake relief and post-disaster claims services.

The CIRC requires insurance companies to simplify claims procedures and procedures, establish fast claims channels, improve claims efficiency, and strive to allow affected people and affected enterprises to receive insurance claims as soon as possible and resume production and life as soon as possible.

As of the evening of the 21st, dozens of insurance companies including China Life, PICC, Taiping, Ping An, CPIC, and Xinhua have donated more than 60 million yuan to the earthquake-stricken area, of which the larger sums include China Life's 10 million yuan and the Chinese people. Insurance Group 10 million yuan and China Taiping 10 million yuan. ^[1]

When purchasing insurance products that can protect against earthquake risks, we must pay attention to the scope of protection and responsibilities. In the accident, in addition to considering the pure death liability, compensation for disability, as well as compensation for medical expenses and surgical expenses admitted to the hospital due to the accident should also be considered.

Depending on the product purchased, the insurance company will agree on different scopes of compensation. In case of accidental disability, compensation will generally be made according to the different levels of disability according to the contract.

In addition, some products also provide certain compensation for medical expenses, surgical expenses, and hospitalization expenses that require hospitalization due to accidents. However, it should be noted that some of this type of compensation is compensation type, that is, the insurance company pays according to the actual and necessary expenses incurred. In addition, deductibles may be agreed for certain products, and the policyholder must pay extra attention.

If you are traveling abroad, tourists need to buy a personal accident insurance or travel accident insurance, and students need to buy a personal accident insurance or student safety insurance. Insurance experts remind that when applying for insurance, policyholders should pay close attention to whether the insurance clauses cover earthquakes and tsunami.

On August 20, the country's first rural house earthquake insurance pilot was launched in Dali Bai Autonomous Prefecture, Yunnan Province. At the launching ceremony, the Dali People's Government and Chengtai Property & Casualty Insurance, PICC Property & Casualty Insurance, Ping An Property & Casualty Insurance, Dadi Property & Casualty Insurance, Zhonghua United Insurance, China Re Property & Casualty Insurance signed a strategic cooperation agreement and a rural house earthquake insurance pilot agreement. Chengtai Property & Casualty Insurance, PICC Property & Casualty Insurance, Ping An Property & Casualty Insurance, Dadi Property & Casualty Insurance, and China United entered into a pilot joint insurance agreement. ^[2]

After three and a half years of preparation, the country's first special earthquake insurance pilot project was finally launched in Yunnan. As a breakthrough in the establishment of China's catastrophe insurance system, the progress of earthquake insurance has always attracted the attention of all parties. At the same time, integrate the existing system resources, integrate insurance services into the national earthquake relief system, reduce the cost of repeated investment of resources, and maximize the effectiveness of social resources. Li Niansheng believes that catastrophe insurance must also consider the impact of capital costs and tax costs, especially the tax cost before the catastrophe reserve policy is introduced. It is recommended that special tax policies and taxes be implemented for policy catastrophe insurance business within a reasonable range. Offer. ^[3]