New Zealand Earthquake Commission by the Ministry of Finance set up wholly-owned. At present, the Commission has accumulated nearly 50 billion Singapore dollars of catastrophic risk fund
New Zealand earthquake insurance system known as the world's most successful operation of the existing disaster insurance system one of its main characteristics of the country by law and establishing their own national conditions of the multi-channel catastrophic risk decentralized system, and take government action and market the combination of the road To the extent possible spread catastrophic risk.
New Zealand volcanic earthquakes in the Pacific Rim put, is earthquake-prone countries, the average annual earthquake nearly 3,000 times, the fight against natural disasters have become part of the New Zealand public life. According to the New Zealand Earthquake Commission press officer, in 1942, located in the central part of New Zealand capital Wellington region and the Wairarapa region has suffered a magnitude 7.2 earthquake attacks, causing massive housing construction severely damaged. Many houses in a few years have failed to repair the main reasons is not enough insurance compensation.
In order to learn a lesson from this, the Government of New Zealand in the 1945 war and the establishment of the earthquake damage to the Commission, will later include other natural disasters, war damage and cancellation insurance. At present, earthquake catastrophe risk insurance provided by the insurance coverage, including earthquakes, mountain landslides, volcanic eruptions, tidal waves and geothermal activities, its purpose is to help people in New Zealand as soon as possible after natural disasters and rebuild their return to their homes.
New Zealand's earthquake risk to the system by three components, including the earthquake, insurance companies and insurance associations, belonging to government agencies, commercial organizations and social institutions. Once disasters, earthquakes Committee is responsible for the statutory compensation insurance, housing a maximum liability limit of 10 million New Zealand dollars (about 0.77 U.S. dollars Singapore dollars), the highest-room property liability limits for 20,000 Singapore dollars; insurance companies based on insurance Responsible for the insurance contract exceed the statutory responsibility of the damages and the Insurance Institute is responsible for the launch contingency plans.
New Zealand Earthquake Commission by the Ministry of Finance set up wholly-owned, in withstand catastrophic risk to play a key role. The Committee on January 1, 1994 reorganization, the Government allocated free of charge for 15 billion Singapore dollars. At present, earthquake Committee have accumulated nearly 50 billion Singapore dollars of catastrophic risk fund. The main source of funds is mandatory collection of insurance premiums, and investment funds in the market in the benefits. Housing residents to buy insurance companies or room property insurance, compulsory levy would be catastrophic earthquake insurance and fire insurance premiums. Catastrophic earthquake insurance premiums for each household each year around 60 Singapore dollars from the insurance company took the charge after the earthquake to the Commission. In addition, each household in each of the residents have to pay about 80 Singapore dollars fire insurance premiums.
In addition to catastrophic risk fund, the earthquake also use the international reinsurance market for reinsurance, which spread the risks. When the catastrophic earthquake losses in excess of the capacity to pay, the Government will play a role Tuodi by the Government to pay the remaining claims paid, and each of the earthquake will be paid to the government a certain margin.
New Zealand is the core of catastrophe insurance risk dispersion mechanism. First of all, when the incident occurred after the catastrophe, the first earthquake to pay 200 million Singapore dollars. Secondly, if the earthquake paid 200 million Singapore dollars irreparable loss, then start re-insurance programme.
Reinsurance programme in three layers. The first layer is lost if the 200 million Singapore dollars to 7.5 billion Singapore dollars, and by re-insurers bear the loss of 40 percent, the remaining 60 per cent of the losses from the earthquake to take 200 million Singapore dollars. The second is when the amount of the loss at 7.5 billion Singapore dollars to 20.5 billion Singapore dollars, and then start over-loss insurance underwriting contracts. The third layer is if the loss is more than 2.05 billion Singapore dollars, from catastrophic risk fund to run out; still insufficient, by the Government's commitment to unlimited liability.
New Zealand earthquake insurance system known as the world's most successful operation of the existing disaster insurance system one of its main characteristics of the country by law and establishing their own national conditions of the multi-channel catastrophic risk decentralized system, and take government action and market the combination of the road To the extent possible spread catastrophic risk.
New Zealand volcanic earthquakes in the Pacific Rim put, is earthquake-prone countries, the average annual earthquake nearly 3,000 times, the fight against natural disasters have become part of the New Zealand public life. According to the New Zealand Earthquake Commission press officer, in 1942, located in the central part of New Zealand capital Wellington region and the Wairarapa region has suffered a magnitude 7.2 earthquake attacks, causing massive housing construction severely damaged. Many houses in a few years have failed to repair the main reasons is not enough insurance compensation.
In order to learn a lesson from this, the Government of New Zealand in the 1945 war and the establishment of the earthquake damage to the Commission, will later include other natural disasters, war damage and cancellation insurance. At present, earthquake catastrophe risk insurance provided by the insurance coverage, including earthquakes, mountain landslides, volcanic eruptions, tidal waves and geothermal activities, its purpose is to help people in New Zealand as soon as possible after natural disasters and rebuild their return to their homes.
New Zealand's earthquake risk to the system by three components, including the earthquake, insurance companies and insurance associations, belonging to government agencies, commercial organizations and social institutions. Once disasters, earthquakes Committee is responsible for the statutory compensation insurance, housing a maximum liability limit of 10 million New Zealand dollars (about 0.77 U.S. dollars Singapore dollars), the highest-room property liability limits for 20,000 Singapore dollars; insurance companies based on insurance Responsible for the insurance contract exceed the statutory responsibility of the damages and the Insurance Institute is responsible for the launch contingency plans.
New Zealand Earthquake Commission by the Ministry of Finance set up wholly-owned, in withstand catastrophic risk to play a key role. The Committee on January 1, 1994 reorganization, the Government allocated free of charge for 15 billion Singapore dollars. At present, earthquake Committee have accumulated nearly 50 billion Singapore dollars of catastrophic risk fund. The main source of funds is mandatory collection of insurance premiums, and investment funds in the market in the benefits. Housing residents to buy insurance companies or room property insurance, compulsory levy would be catastrophic earthquake insurance and fire insurance premiums. Catastrophic earthquake insurance premiums for each household each year around 60 Singapore dollars from the insurance company took the charge after the earthquake to the Commission. In addition, each household in each of the residents have to pay about 80 Singapore dollars fire insurance premiums.
In addition to catastrophic risk fund, the earthquake also use the international reinsurance market for reinsurance, which spread the risks. When the catastrophic earthquake losses in excess of the capacity to pay, the Government will play a role Tuodi by the Government to pay the remaining claims paid, and each of the earthquake will be paid to the government a certain margin.
New Zealand is the core of catastrophe insurance risk dispersion mechanism. First of all, when the incident occurred after the catastrophe, the first earthquake to pay 200 million Singapore dollars. Secondly, if the earthquake paid 200 million Singapore dollars irreparable loss, then start re-insurance programme.
Reinsurance programme in three layers. The first layer is lost if the 200 million Singapore dollars to 7.5 billion Singapore dollars, and by re-insurers bear the loss of 40 percent, the remaining 60 per cent of the losses from the earthquake to take 200 million Singapore dollars. The second is when the amount of the loss at 7.5 billion Singapore dollars to 20.5 billion Singapore dollars, and then start over-loss insurance underwriting contracts. The third layer is if the loss is more than 2.05 billion Singapore dollars, from catastrophic risk fund to run out; still insufficient, by the Government's commitment to unlimited liability.
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