Flood insurance necessary
Updated: 2016-07-08 06:55
(China Daily)
|
|||||||||
A soldier carries a sandbag to reinforce the Dadao dyke of Baidang Lake in Tanggou Township of Zongyang county, East China's Anhui province, July 6, 2016. Over 260 soldiers were dispatched to reinforce the dyke.[Photo/Xinhua] |
Local residents who have suffered losses as a result of heavy rainfall in southern China have to rely on spontaneous mutual assistance, the government's disaster relief support and non-governmental donations to make up for their enormous losses.
These three means of assistance, however, only barely provide flood-stricken residents with their basic needs and fail to compensate residents for the loss of their homes. Besides, such assistance usually puts flood victims in a passive position and it is thus difficult to raise their risk awareness and help them take precautions.
This is in sharp contrast with many developed countries where commercial insurance plays an important role in flood relief. Insurance can help reduce the losses caused by floods through market-based means and change people's dependence on the government's disaster relief aid. While raising the level of disaster relief, such commercial insurance can also push forward the construction of disaster prevention and alleviation facilities.
The United States passed a federal flood insurance law as early as the 1950s. Its National Flood Insurance Program was originally on a voluntary basis, but it gradually turned into a compulsory one to cover all residents in areas prone to flooding. Anyone who refuses to participate in the program will be punished or denied federal assistance when there is a flood. No wonder the NFIP has become the US' second-largest federal insurance program, covering more than 20,000 communities.
Countries such as the United Kingdom, Australia, New Zealand and India have also begun popularizing flood insurance programs.
China is prone to severe floods, and nearly half of its population face flood risks. However, due to institutional problems, flood insurance is still uncommon. It is expected that the flood disaster that is wreaking havoc in some parts of southern China will help lead to the introduction of a flood insurance program in the country.
--Beijing News
- Remember emerging heroes in China's floods
- Li calls for better planning to prevent floods
- Courts fight floods, provide relief
- Villagers in Hubei rescued from floods
- China's flash floods: What you need to know
- Dramatic stories during China's floods
- Over 80,000 people affected by floods in India's northeast state
- Hubei residents, facing floods, race against time
- Remember emerging heroes in China's floods
- Naval drill is fully within country's 'sovereign rights'
- Premier Li stresses protecting lives in flood zone
- Chinese 'Devil wears Prada' fashion maven hits social media
- Li: Ensure safety in flood areas
- Mainland informs Hong Kong on management of bookseller case
- Eid al-Fitr celebrated worldwide
- Swedish PM looking at tightening laws after festival sex attacks
- British PM race cut to 3 hopefuls as 2 contenders exit contest
- Chinese herbalists offer free US treatment
- Obama praises Hillary's judgement hours after FBI's censure
- Rio mayor tells Olympic visitors: 'Don't expect New York or London'
- Beijing Muslims mark end of Ramadan
- Remember emerging heroes in China's floods
- Ronaldo powers Portugal into Euro 2016 final
- Culture Insider: Six things you may not know about Minor Heat
- Solar-powered visitor begins orbiting Jupiter
- Continuous rainfalls affect millions of people across China
- Chinese foodies' top 10 favorite restaurants
- Chinese basketball legend Wang Zhizhi bids farewell
Most Viewed
Editor's Picks
Anti-graft campaign targets poverty relief |
Cherry blossom signal arrival of spring |
In pictures: Destroying fake and shoddy products |
China's southernmost city to plant 500,000 trees |
Cavers make rare finds in Guangxi expedition |
Cutting hair for Longtaitou Festival |
Today's Top News
Abe's blame game reveals his policies failing to get results
Ending wildlife trafficking must be policy priority in Asia
Effects of supply-side reform take time to be seen
Chinese State Councilor Yang Jiechi to meet Kerry
Chinese stocks surge on back of MSCI rumors
Liang avoids jail in shooting death
China's finance minister addresses ratings downgrade
Duke alumni visit Chinese Embassy
US Weekly
Geared to go |
The place to be |