Welcome to Francis Academic Press

Academic Journal of Business & Management, 2022, 4(17); doi: 10.25236/AJBM.2022.041703.

China Catastrophe Insurance: A Boost to Green Insurance Development under ESG Concept

Author(s)

Li Tong

Corresponding Author:
Li Tong
Affiliation(s)

PhD. Student, Saint-Petersburg State University, St. Petersburg, Russia, 199034

Abstract

China urgently needs to develop catastrophe risk management due to the frequent incidence of disasters over the past 50 years, but insurance now only plays a small part in this process. Disaster insurance is a crucial piece of green insurance as well as a strategy for managing catastrophe risk and compensating for catastrophe losses. Academics are currently researching China's catastrophic insurance system using ESG, a novel theory of economic development. The topic of this thesis is catastrophe insurance using the conventional definition of a natural disaster, and it makes creative recommendations for the implementation of a catastrophe insurance system.

Keywords

Catastrophe Insurance, ESG, China, Green Insurance

Cite This Paper

Li Tong. China Catastrophe Insurance: A Boost to Green Insurance Development under ESG Concept. Academic Journal of Business & Management (2022) Vol. 4, Issue 17: 11-19. https://doi.org/10.25236/AJBM.2022.041703.

References

[1] Ministry of Emergency Management of the People's Republic of China, July 2022 Regular Press Conference https://www.mem.gov.cn/xw/xwfbh/2022n7y21rxwfbh/

[2] J. David Cummins, Should the Government Provide Insurance for Catastrophes?, Federal Reserve Bank of St. Louis Review, July/August 2006, 88(4), pp. 337-379.

[3] National Disaster Reduction Center Data http://www.ndrcc.org.cn/

[4] Research Report on Agricultural Insurance Coverage in China (2019) [R], Agricultural Insurance, 2019(08).

[5] Swiss Re. Natural catastrophes and man-made disasters in 2012[R]. Zurich, 2013.

[6] Feng Rui, Li Liang. Insurance Fundamentals and Practice [M]. Beijing University Press, 2008(8)

[7] Tang Jincheng, Jie Zongkang, Research on the construction of catastrophic insurance system for major infectious diseases in China [J]. Southern Finance, 2022(06)-550.

[8] Central Commission for Discipline Inspection and State Supervision Commission website "Communist Party of China People's Insurance Group Corporation Committee on the Progress of Rectification and Reform of the Nineteenth Central Eighth Round of Inspection" https: // www. picc. com/ xwzx/ jtyw/202209/t20220911_51160.html

[9] Peng Zeming, Yin Xin. On the construction of ecological damage liability insurance system in China [J], Legal Science, 2013 (3).

[10] Zheng Hui. Exploration of the path to accelerate the construction and improvement of China's catastrophe insurance system [J]. Insurance Theory and Practice, 2020 (11)

[11] Fang Yikuan, Some thoughts on the construction of China's school tort liability insurance system [J], Jurist, 2004 (4)

[12] Shu Liqing: On the Establishment of Catastrophe Insurance System in China - From the Perspective of Government Advocacy and Promotion [D], Master's Thesis, Southwest University of Political Science and Law, 2011, p. 8

[13] Ren Zili: A Study of the U.S. Flood Insurance Legal System: Implications of its Changes for China [J], Tsinghua Jurisprudence, 2012(1).

[14] Ohara, Takaki: Harikain, Katrina and NFIP(National Flood Insurance System), Kawakawa(Kokoname Condominium), 2006(6).[Japan]

[15] Chen Hua. Zhao Junyan. Y., Research on the construction of catastrophe insurance system: an international comparative perspective [J]. Chinese Administration 2008(10).

[16] SWISS R. Natural Catastrophes in Times of Economic Accumulation and Climate Change[J]. Sigma, 2020(2):1-36.

[17] Hu Huijun: Foreign practices on flood insurance and inspiration for China [J], China Water Resources, 2005(19).

[18] Holladay J.S., Schwartz J. A., Flooding the Market: The Distributional Consequences of the NFIP. Policy Brief No. 7. (2010) New York: University School of Law. p16-18

[19] Chen He, Shen Minghao, Affirmation: A preliminary investigation of China's catastrophe insurance system and lessons from foreign experience [J], International Economic Inquiry, 2010(3)

[20] Yang Meiqin. Economic Analysis of Catastrophe Insurance Market Failure in China [D], Master's Thesis, Hunan University of Science and Technology, 2009

[21] Tian Ling, Yao Peng, Wang Hanbing, A study on the correlation between government behavior, risk perception and catastrophe insurance demand, China Soft Science,2015(9)

[22] Kunreuther H. Mitigating disaster losses through insurance [J]. Journal of risk and Uncertainty, 1996 12( 2-3) : 171-187

[23] Browne M. J., Hoyt R. E., The demand for flood insurance: empirical evidence [J]. Journal of Risk and Uncertainty, 2000, 20(3): 291-306.

[24] Liu Xinli, The role of insurance in catastrophe integrated risk management in China [J]. Insurance Research, 2008, (7).

[25] Wang He, Positioning, Innovation and Path of Catastrophe Insurance in China [J], Insurance Research 2020(6)

[26] Guo Chaoqun, On the Construction of China's Catastrophe Insurance System --- Foreign Legislative Experience and Its Reference [J], Legal and Commercial Research, 2015-03-18

[27] Tao Zhengru, New advances in catastrophe bond market[J]. Journal of the Academy of Disaster Prevention Science and Technology, 2013, 15(1):56-61.

[28] Report of the Annual Work Session 2022 of China Insurance Guarantee Fund Limited [R], http://www.cisf.cn/xwzx/gsdt/3342.jsp,2022-1-29

[29] Zhou Weidong, Discussion on the improvement of China's catastrophe insurance system in the new era [J], Insurance Theory and Practice,2021(04)-58.

[30] Beloserov S.A., et al., Risk Management And Insurance[M], Publishing House Yurait (Moscow), 2019

[31] Beloserov S.A. et al., Insurance And Risk Management: problems and perspectives[M],Prospect Limited Liability Company (Moscow), 2017

[32] Beloserov S.A., Kuznetsova N.P., pisarenko J.V., Regulating Of The Insurance Activity[M], Publishing House Yurait (Moscow),2020

[33] Beloserov S.A., et al., Financial System Of China [M], Prospect Limited Liability Company,2021