Swiss Re backs first county-level Cat project

Swiss Re has become the exclusive reinsurer to a new catastrophe insurance project in Mao County in China’s Sichuan Province initiated by AVIC UNITA Insurance Company, according to reports from China Financial News.

The project, which is the first in the country to provide catastrophe insurance at the county-level, provides the government of Mao County with financial protection against earthquakes, mudslides, sudden landslides and other natural disasters.

Mao County is vulnerable to earthquakes and other natural disasters, it is located only 70 kilometres away from the epicentre of the Wenchuan earthquake.

Swiss Re is committed to providing technology and resources to ensure its successful implementation.

The parties aim to provide the regional government with rapid payouts in the event of a disaster to improve the capabilities of emergency response, disaster management and reconstruction efforts.