The Chinese Government will establish a natural catastrophe insurance scheme by 2017.

Details are thin on the ground, but the program is likely to cover earthquakes, typhoons and landslides, and enable farmers to buy affordable insurance.

The China Insurance Regulatory Commission says natural disasters caused 69 billion yuan ($12.79 billion) of losses last year.

In August the Government announced it would establish a catastrophe fund and reinsurance pool, with a role for private insurers.

Swiss Re and authorities in the southern city of Shenzhen have developed a policy to compensate residents injured in natural disasters.