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Testing A New Approach To Disaster Prep

How MIT And San Francisco Are Testing A New Approach To Disaster Prep

How MIT And San Francisco Are Testing A New Approach To Disaster Prep

How MIT And San Francisco Are Testing A New Approach To Disaster Prep

Suddenly, you wake up. The ground has already stopped shaking, but a small earthquake seems to have knocked out the power. You reach for your phone and realize you don’t have service, either. Just finding out what’s happening is suddenly very hard…

 

Earthquake insurance policy starts in China

Product seen as step in adopting market-driven approach to compensate for disaster losses China on Friday launched the sale of the country’s first earthquake insurance policy, seen by the industry as a step forward in adopting a market-driven approach to compensate for losses following natural disasters.  Homeowners can buy insurance policies with a maximum payout of 1 million yuan ($150,000) to cover loss and damage to residential property caused by earthquakes with a magnitude of 4.7 and above, according to the China Insurance Regulatory Commission.  The earthquake insurance policy is part of China’s effort to establish a catastrophe insurance system aimed at using a market-driven mechanism to support disaster relief work and to reduce the fiscal burden of the government for loss compensation…

 

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