The National Financial Regulatory Administration of China is urging insurers and banks to step up its support for flood and disaster-struck firms and business owners to speed up their recovery to normal operations.
In a circular reported by Reuters, the regulator said that financial institutions should organise and mobilise disaster response, protect financial assets and data, and guarantee stable operation of basic financial services.
The statement comes following extreme rainfall brought by Typhoon Doksuri, a deadly storm that has affected several regions and left at least 60 people dead in its wake, in addition to damaged homes, crops, and infrastructure.
The regulator asked insurers to actively participate in post-disaster recovery and reconstruction, adding that it would support companies to actively meet the funding needs of affected firms in storm-damaged areas for reconstruction and product recovery.
It also said that it will be guiding insurance funds to provide long-term financial support for affected services, including water conservancy, infrastructure, public services, and other major projects through insurance asset management products.
What are your thoughts on this story? Please feel free to share your comments below.
