Mainland property and casualty insurance companies and reinsurance companies can set up special-purpose entities in Hong Kong to raise funds from bond sales, according to a statement of the China Banking and Insurance Regulatory Commission (CBIRC).
The arrangement can help diversify insurers’ losses from natural disasters such as earthquakes, floods and typhoons, it said.
The facility will also have funding from other sources, including the UNDP itself, a spokesperson said. The UNDP is aiming to help create insurance protection from socio-economic, climate and health-related disasters in more than 50 developing countries by 2025, it said.
“Insurance and risk-finance products, tools and services can secure our critical infrastructure, protect our agriculture and businesses, and preserve critical ecosystems that make life on earth possible,” said UNDP Administrator Achim Steiner.
“An ex gratia of Rs 5 lakhs to the families of the deceased and Rs 1,000 should be given to each family while returning home from relief camps,” said Andhra Pradesh Chief Minister YS Jagan Mohan Reddy.
Agricultural and horticultural crops in over 1.63 lakh acres suffered damaged due to the heavy downpour in Srikakulam, Vizianagaram, Visakhapatnam, East Godavari, West Godavari and Krishna districts, Agriculture Minister K Kanna Babu said while citing preliminary estimates.
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