Introduction of an environmental pollution liability insurance

The Chinese regulatory authorities intend to introduce compulsory environmental liability insurance in the country.

Eight industries are involved in this initiative, including, among others, oil and natural gas extraction, production, toxic waste storage and the pharmaceutical industry.

Any company in any of these sectors that does not have an environmental liability policy will have a fine 4.400 USD minimum.

The guarantee offered must cover bodily injury, material damage, environmental damage, emergency care as well as cleaning costs resulting from a pollution incident.

Read also

• Insurance news from Asia