NU Online News Service, June 25, 11:50 p.m. EDT

As prosperity rises in China so does the need for insurance, and the nation needs greater risk transfer penetration as it shares an unusually large burden in catastrophe risk, according to a report released by Munich Re.

The German-based reinsurer said that while the insurance market in China has experienced rapid growth, insurance density and penetration remains relatively low. This is especially true concerning coverage for natural catastrophes, which is not widespread.

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