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Beijing (ECNS) -- China's Insurance Regulatory Commission has consented to catastrophe insurance trials in Shenzhen and said it would offer guidance and policy support for Shenzhen.

Tuo Guozhu, a professor at Beijing-based Capital University of Economics and Business, said that catastrophe insurance trials need more promotion from government.

For example, due to high insurance rates and low payouts, people are reluctant to buy earthquake insurance, but want government subsidies, Tuo said.

A 7.0-magnitude earthquake jolted Sichuan province and brought great financial losses, but commercial insurance didn't play an important role in quake relief.

By April 21, the insurance industry had paid out only 10 million yuan ($161,000) for losses in the quake, less than one-fifth of the industry's total donation, according to official figures from the commission.

Only 14 percent of victims in the 2008 Wenchuan earthquake had bought insurance, and just 0.7 percent of direct losses, or 610 million yuan, was covered by insurance, according to official figures.

Disaster insurance protects businesses and property against natural disasters such as earthquakes, floods and hurricanes.

Read more: Insurance payout after Ya'an quake may reach $23m

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