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Property insurance has become the main force of claims. How to judge whether to pay for your insurance after the earthquake?

Cai Zhong. com

Earthquakes are excluded from the compensation scope of most property insurance; Most life insurance companies do not include the accidental death of the insured caused by the earthquake in the "exclusion clauses", but life insurance and accident insurance can be compensated if the insured dies due to the earthquake.

On the afternoon of May 12, a sudden earthquake of magnitude 7.8 disturbed people's normal life rhythm.

After the accident, many people began to pay attention to the property and personal losses after the catastrophe. In addition to "resigning" themselves or relying on government subsidies and social donations, they also hope to seek the help of insurance companies.

Can insurance cover earthquakes? Can the insured get compensation?

With these questions, the Financial Times interviewed a number of insurance companies. It is understood that, according to the past experience in claims settlement, the types of damage insurance involved in earthquake disasters usually include enterprise and family property insurance, engineering insurance, farm house insurance, personal accident insurance, health insurance, whole life insurance and so on.

Among them, property insurance may be the "main force" of earthquake claims, but it needs to be determined according to the specific terms of each insurance company; Most life insurance companies do not include insurance accidents caused by earthquakes in the "exclusion clauses". If the insured dies in an earthquake, both life insurance and accident insurance can compensate.

Property insurance: the "main force" of claim settlement

The earthquake will cause serious damage to the house, which is the biggest "net worth" of China people.

A professional from the major engineering department of a foreign-funded property insurance company told the Financial Times reporter that "natural disasters and man-made disasters are the main underwriting responsibilities of property insurance. Unless otherwise agreed in the insurance clauses, the liability for natural disasters and accidents shall be the scope of claims for property insurance. "

Among many property insurance products in China, family property insurance aims to ensure that family property can get economic compensation in time when it suffers from natural disasters or accidents.

However, the reporter carefully studied the insurance contracts of a number of property insurance companies and found that although property insurance is the "main force" for claims after the disaster, it is actually "haggle over every ounce".

Insurance companies have strict definitions of the insurance clauses of "natural disasters", and not all natural disasters can be settled. In general, there are: fire; Explosion (excluding boiler explosion); Lightning; Hurricanes, typhoons, storms and tornadoes; Heavy rains and floods; Hail; Landslides, landslides and avalanches; Volcanic eruption; Land subsidence, etc.

Unfortunately, the earthquake was excluded from the scope of compensation for family property insurance.

An actuary of a property insurance company said: "The earthquake is a catastrophe, and even the insurance company itself may disappear in the face of this disaster. How can it grasp the promise of paying compensation to others? If a big city is hit by a big earthquake, I'm afraid the property of the insurance company is gone, and I'm not satisfied. "

It is precisely because the coverage and compensation amount of earthquake disasters exceed the ability of insurance companies to claim compensation, so the CIRC uniformly stipulates that as a specific natural phenomenon, it will be treated as an exception, that is, property losses caused by earthquakes will not be claimed by insurance companies.

Does this mean that earthquake insurance is a blank in the domestic property insurance market?

The Financial Times learned from PICC, Ping An, Taiping, Huatai and other large property insurance companies that at present, earthquake insurance can only exist in the form of additional insurance.

"Insurance companies have always been cautious about earthquake insurance business. Before, only some property insurance companies tried to underwrite in the additional clauses of large property insurance." The person in charge of Ping An Property & Casualty Beijing Branch said frankly, "At present, in home property insurance, earthquake insurance quietly exists in the form of additional insurance, and its rate is generally 10% of the main insurance, that is, 2‰ of the total value of the house. Because the underwriting risk is too great, insurance companies generally don't actively recommend earthquake additional insurance to customers. If the customer really needs it, he can take the initiative to propose it to the insurance company for approval. "

Life insurance: providing personal protection

Although most property insurance companies have ruled out earthquake losses, it does not mean that all insurance companies say "no" to the losses caused by the earthquake.

On May 13, the Financial Times learned from life insurance companies such as Pacific Life Insurance, Xinhua Life Insurance, PICC Health Insurance and Xincheng Life Insurance that most of their life insurance did not include the insurance accidents caused by the earthquake in the "exclusion clauses". Therefore, earthquake damage is one of the responsibilities insured by the company. If the insured dies in an earthquake, life insurance can compensate.

After synthesizing the information of various insurance companies, the reporter found that the life insurance types that can be "responsible" for the earthquake include: term life insurance, whole life insurance, personal accident insurance, personal accident medical insurance, Xue Ping insurance and other types with accidental injury loss compensation functions.

It is worth noting that in the face of accidental injury losses, different insurance companies have different exemption clauses, generally about ten. The traditional responsibilities of insurance exemption include suicide, war, nuclear explosion, AIDS, drunk driving, drug abuse and so on. , but does not include earthquake disasters.

Then, when the Wenchuan earthquake occurred in Sichuan, many students and tourists suffered in the earthquake. They have taken out school liability insurance and travel agency liability insurance with insurance companies. Can they also get corresponding compensation?

"Travel agency liability insurance and school liability insurance have included earthquakes in the scope of exemption." The person in charge of Xincheng Life Insurance Beijing Branch said frankly, "If you want to have a complete guarantee, the insured amount covers losses caused by force majeure such as natural disasters. The most reliable thing is to insure yourself, such as personal accident insurance and accidental medical insurance.

In addition, the above-mentioned person in charge of Prudential Life also reminded the policyholders that the procedures for post-disaster claims settlement are quite complicated for catastrophic earthquakes. Once the insured encounters an accident in the earthquake disaster, he should report the case to the insurance company as soon as possible and provide the corresponding certification materials as required. The compensation amount of an insurance company depends on the specific provisions of the insurance clauses, such as deductible and compensation items.

At the same time, the Financial Times learned in an interview that some life insurance products may not be able to compensate for earthquake casualties. These products are mainly life insurance products introduced at the end of last century. However, some insurance companies said that in view of humanitarian factors, if there are casualties, they will consider compensating some of the insured who hold the old policy and regard the earthquake as an "exclusion liability".

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Distinguish insurance liability

When buying insurance, many policyholders often rely on their own understanding that as long as they are insured against natural disasters, they will certainly be able to resist the "earthquake." Actually, it's not.

The insured should not only see whether the earthquake is a "liability exemption", but also pay attention to the insurance liability in the policy. For example, Dida Property Insurance, the first insurance company in China to offer earthquake insurance, underwrites earthquakes with a magnitude of 3.8 or above on the Richter scale, while another insurance company underwrites the losses of insured property directly caused by destructive earthquakes (earthquakes with a magnitude of 4.7 or above and an intensity of 6 or above finally determined by the national seismological department).

Therefore, even if you buy insurance with "earthquake" content, you need to know something about insurance liability if you want to get protection. (Cui Fan)

Financial Times

The above content was collected online and I just saw it today. I hope it will help you understand.