Nation unveils new rules for earthquake cover to boost disaster protection

China launched catastrophe insurance on Tuesday, unveiling new rules to cover earthquake insurance.

Top regulators said the moves were part of the country's efforts to improve the insurance sector and work for disaster reduction and mitigation.

By the end of 2017, finalized rules on earthquake insurance and an insurance fund for catastrophes will be established, according to a step-by-step plan that has mapped out for the catastrophe insurance system in China.