Diaspora Support for Earthquake Microinsurance in China

Abstract eng:
The importance of remittances in post-disaster relief is well documented: remittances typically increase significantly after disasters. Remittances are a form of ex-post insurance for countries with a less developed insurance infrastructure: diaspora communities help to diversify sources of external finance for meeting disaster repair costs. Rather than face the prospect of increasing remittances over a prolonged period of time to cover catastrophic loss, remitters would benefit from risk pooling schemes, such as provided by natural hazards insurance. Recognizing the global inter-connectedness of the international financial community, the practical possibility exists for diaspora communities to be actively involved in supporting the development of earthquake microinsurance, as it is in contributing towards foreign direct investment.

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