China edges closer to cat insurance scheme

China is one step nearer to establishing a programme that will
provide insurance for natural catastrophes.
The China Insurance Regulatory Commission (CIRC) released a
joint statement with the country's ministry of finance on
Monday (16 May) where it outlined plans to provide residential
earthquake policies.
Newspaper Caixin reported that policy values would not
exceed 1 million yuan ($0.2mn) per household. The report added that
buildings that were "moderately damaged" would receive
half the insu