Swiss Re is supporting and reinsuring a county-level natural catastrophe index insurance cover in China. The company said it was working with the Chinese government to help protect its customers from potential losses related to weather disasters. The reinsurance company did previously back province-level parametric or index insurance products in China covering catastrophic events. Technological advances and the general and detailed improvement of data sources means coverage can now be applied at a lower level. Swiss Re will deliver reinsurance support in addition to providing technical input for the local-led project.
Swiss Re is supporting and reinsuring a county-level natural catastrophe index insurance cover in China. The expansion of its parametric risk transfer work will be focused on earthquake-susceptible Mao County in Sichuan province, becoming the first such product in the country at that level. The reinsurance company did previously back province-level parametric or index insurance products in China covering catastrophic events. Technological advances and the general and detailed improvement of data sources means coverage can now be applied at a lower level. Swiss Re will deliver reinsurance support in addition to providing technical input for the local-led project.