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Research on Catastrophe Insurance in China: Government, Public and Private Partnership

This paper is intended to explore the mechanism of catastrophic insurance in China. First, we examined the causes of catastrophic insurance market failure. Inadequate insurance demand and supply are the main reasons. A new management mode, government, market, and public partnership (GMPP), is put forward and its characteristics, objectives, principles and strategies are discussed This new mode emphasizes the leading role of government, which drives the market into full play through public-private partnership, and induces the public initiatives through public participation. It is emphasized that government, the public, and market should be united to manage risks. The model also suggests that partnerships among government, the public, and market would be maintained. Finally the feasibility of catastrophe insurance program based on GMPP is analyzed.