Switzerland earthquake far inferior to the potential threat of floods or infectious diseases. From the 1356 earthquake in the region since the Basel, Switzerland has experienced a number of six earthquakes, resulting in the loss of tens of thousands. At present, Switzerland is the European countries with higher population density, plus 90% of the existing buildings are not the Swiss earthquake building design, in case of earthquakes, Switzerland will face heavy losses. In this context, the Swiss Insurance Association, the Federal Bureau of commercial insurance state of buildings and Switzerland to discuss joint countermeasures insurer, to be started since 2009 in Switzerland within the framework of the implementation of a compulsory earthquake insurance.
At present, the Swiss insurance companies on earthquake risk only provide limited coverage, few products on the market for earthquake damage to buildings and goods and factory lay-off caused by operating losses. Switzerland's 19 federal states in the 1978 building insurers to create a common earthquake insurance fund, and each time the earthquake can be insured for 500 million Swiss francs to provide assistance. Mutual funds of funds derived from the original insurance premium income and reinsurance cover the amount. 19 federal states of Zurich, which also established a separate regional earthquake insurance fund to provide 200 million Swiss francs 30 million commitment for earthquake risk. Currently, 19 federal states of the earthquake risk insurance payments, mainly through the commitment to the resources of the Fund, the insured do not have to pay additional premiums, but the insured must bear its own 10% of the value of the insurance losses or at least 50,000 Swiss Franc loss. The earthquake did not participate in mutual funds, other federal insurer also agreed to establish mechanisms to provide 200 million Swiss francs to deal with the earthquake triggered the payment. However, the 1356 Basel earthquake as an example, if the outbreak of the earthquake today, it will lead to the loss of 80 billion Swiss francs, the earthquake disaster insurance fund to provide capital and earthquake damage, only a drop in the bucket.
According to estimates, a hypothetical loss of 80 billion Swiss francs on the Swiss earthquake macroeconomic and capital market impact is as follows: the national economy post-2001 GDP increased 2.7%, post-2001 real estate investment increased 13.5%, post-disaster 2001, imports increased 8.2 percent; post-2003 rate of inflation rose 2 percent and post-2003 long-term interest rates banks increased by 1 percent, so the impact on individuals is difficult to sustain. Through compulsory insurance, in order to balance all these changes, each individual needs only 100 Swiss francs a year to pay the premiums will cover earthquake risk.
In 2009 the proposed plan the implementation of the mandatory earthquake insurance, the premiums charged to be taken and buildings linked to the value of the form. 500,000 Swiss francs buildings in the insurance premium to be paid around 50 Swiss francs, the premium rate for the insurance value of about 0.01 percent. Determining the premium does not refer to the various regions of different probability of earthquake risk, the advantages of compulsory insurance so that the probability of high-risk areas from the insured under the burden of high insurance premiums. Mandatory earthquake insurance premiums will set up a special fund management, insurance risk to distinguish other funds earmarked proceed to achieve, through increased earthquake risk fund management transparency and management to achieve the level of earthquake risk in the Swiss region of insurability.
At present, the Swiss insurance companies on earthquake risk only provide limited coverage, few products on the market for earthquake damage to buildings and goods and factory lay-off caused by operating losses. Switzerland's 19 federal states in the 1978 building insurers to create a common earthquake insurance fund, and each time the earthquake can be insured for 500 million Swiss francs to provide assistance. Mutual funds of funds derived from the original insurance premium income and reinsurance cover the amount. 19 federal states of Zurich, which also established a separate regional earthquake insurance fund to provide 200 million Swiss francs 30 million commitment for earthquake risk. Currently, 19 federal states of the earthquake risk insurance payments, mainly through the commitment to the resources of the Fund, the insured do not have to pay additional premiums, but the insured must bear its own 10% of the value of the insurance losses or at least 50,000 Swiss Franc loss. The earthquake did not participate in mutual funds, other federal insurer also agreed to establish mechanisms to provide 200 million Swiss francs to deal with the earthquake triggered the payment. However, the 1356 Basel earthquake as an example, if the outbreak of the earthquake today, it will lead to the loss of 80 billion Swiss francs, the earthquake disaster insurance fund to provide capital and earthquake damage, only a drop in the bucket.
According to estimates, a hypothetical loss of 80 billion Swiss francs on the Swiss earthquake macroeconomic and capital market impact is as follows: the national economy post-2001 GDP increased 2.7%, post-2001 real estate investment increased 13.5%, post-disaster 2001, imports increased 8.2 percent; post-2003 rate of inflation rose 2 percent and post-2003 long-term interest rates banks increased by 1 percent, so the impact on individuals is difficult to sustain. Through compulsory insurance, in order to balance all these changes, each individual needs only 100 Swiss francs a year to pay the premiums will cover earthquake risk.
In 2009 the proposed plan the implementation of the mandatory earthquake insurance, the premiums charged to be taken and buildings linked to the value of the form. 500,000 Swiss francs buildings in the insurance premium to be paid around 50 Swiss francs, the premium rate for the insurance value of about 0.01 percent. Determining the premium does not refer to the various regions of different probability of earthquake risk, the advantages of compulsory insurance so that the probability of high-risk areas from the insured under the burden of high insurance premiums. Mandatory earthquake insurance premiums will set up a special fund management, insurance risk to distinguish other funds earmarked proceed to achieve, through increased earthquake risk fund management transparency and management to achieve the level of earthquake risk in the Swiss region of insurability.
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