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-  2016 

Assessing the Solvency of China's Insurance Industry with Typhoon Disaster Based on the Cummins Model

Keywords: 财险业 台风灾害 偿付能力 Cummins模型
insurance industry typhoon disaster solvency Cummins model

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High frequency of occurrence and serious impact of the typhoon disaster have become important factors in the normal development of social and economic life for coastal areas. The relief approach led by government undoubtedly has caused great financial burden due to the lack of specific insurance products. It would be a useful means of introducing commercial insurance to risk diversification. This paper calculates the property insurance solvency of Zhejiang, Fujian, Guangdong and Hainan, who are the usual typhoon-hit areas, based on the established reimbursement reaction function by Cummins. The result shows that the actual payment of our country's insurance industry is 16% of the theoretical and it also means that there is ample space on the insurance market to deal with typhoon disaster risks.


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