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China is a large country encountering almost all catastrophic risks but meanwhile with limited catastrophe risk financing mechanisms.In China generally no more than 3% of economic loss arising from mega catastrophes was covered by insurance.The catastrophe risks are usually categorized as uninsurable risks by private insurers for reasons of adverse selection,inadequate spread of risk and difficulty in accurate loss assessment.As private insurers cant provide catastrophe insurance its natural that people expect the government will step in to fill the void.