China’s insurers losses from floods & disasters totalled $1.4 bn

Estimated losses of the China’s insurance companies from floods and geological disasters has totalled 9.8 bn yuan ($1.4 bn), according to the National Financial Regulatory Administration, Xinhua says.

Insurers have so far received 260,600 insurance claims in the 16 China regions affected by floods triggered by recent extreme rainfall.

In July, China was hit by a trio of typhoons which worsened the effects of the seasonal monsoon rains.

Of these typhoons, two made landfall, including super typhoon Doksuri, which impacted large areas of northwest China for several days, swamping Beijing and surrounding provinces such as Hebei.

Typhoon Doksuri, known in the Philippines as Super Typhoon Egay, was a powerful, deadly and destructive tropical cyclone, which became the costliest typhoon to hit China on record, the strongest typhoon to impact Fujian since Typhoon Meranti in 2016, and the most powerful typhoon to strike the province since records began in 1950.

Doksuri caused extensive damage in the Philippines, Taiwan, China and Vietnam, in late-July 2023. The name “Doksuri” means eagle in Korean. The fifth named storm and third typhoon of the 2023 Pacific typhoon season, Doksuri started as a low-pressure area in the Philippines, far off the coast of Mindanao.

China’s insurers losses from floods & disasters totalled $1.4 bn

The Chinese capital experienced the most rainfall in 140 years during this time, with 62 people so far being confirmed dead, 33 from Beijing and 29 from Hebei province.

The National Financial Regulatory Administration said that insurance institutions have thus far settled 114,000 claims, paying out a total of 1.45 bn yuan to date.

The administration has issued a notice to its local branches and the insurance industry, requiring its local branches to guide insurance companies under their jurisdiction to make detailed measures to deal with claims.

Relevant insurance institutions should strive to settle more than 90% of auto insurance claims by the end of August.

Nataly Kramer   by Nataly Kramer