News Non-Life16 Jul 2024

China:Flood insurance claims exceed US$440m this year to date

| 16 Jul 2024

Insurance companies in several flood-hit provinces and regions in China have received a cumulative number of 95,000 claims involving a combined total of CNY3.21bn ($442m) in claim amounts.

The data, compiled up to 12:00 on 11 July, also show that the total amount of insurance compensation and prepayments exceeded CNY1.1bn.

The claims were received in Anhui, Fujian, Guangdong, Guangxi, Guizhou, Hunan, Jiangxi, Zhejiang and other provinces.

Among the various branches of insurance, agricultural insurance has received a total of 29,000 claims with an estimated loss of CNY1.08bn. The amount of compensation and prepayments exceeded CNY280m.

China has experienced heavy rainfall and severe floods since the annual rainy season began on 1 April.

On 4 July, the government released its “Blue Book on Climate Change of China 2024”. The book focuses on the latest monitoring information on the state of climate change in China and globally.

The Blue Book says in China, extreme high temperatures and heavy precipitation events tend to be more frequent and severe, while extreme low-temperature events have generally declined. The annual average surface temperature in China in 2023 was 0.84°C above the normal, the warmest year since 1901 The average intensity of typhoons that have made landfall in China has fluctuated and strengthened since the late 1990s.


 

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