China’s National Financial Regulatory Administration has activated a Level 3 disaster relief emergency response for the insurance sector following a magnitude 7.0 earthquake in Baqing County, Nagqu, Tibet, on Oct. 22. The regulator directed insurers and local financial regulatory offices to undertake emergency response and insurance claims services, while instructing banks to provide financial support services. Insurers have activated emergency plans, begun assessing insurance coverage in the affected area and coordinated disaster response efforts with local authorities and relevant departments. The regulator also dispatched personnel to join working groups traveling to the disaster area. The earthquake caused major casualties.
China’s National Financial Regulatory Administration activates Level 3 insurance disaster response after Tibet earthquake
China’s National Financial Regulatory Administration activated a Level 3 insurance disaster relief response following the Oct. 22 magnitude 7.0 earthquake in Baqing County, Tibet. Insurers have begun assessing coverage and implementing emergency plans, while the regulator directed insurance claims support and banking services for the disaster response.