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May 2022

China: Insured losses from Henan floods approach $2bn

Source: Asia Insurance Review | Oct 2021

Massive floods that swept Henan Province in July have led to insured losses estimated at around CNY12.4bn ($1.92bn), a CBIRC official said at a media briefing recently. The direct economic losses are estimated at CNY114.27bn.
According to official data, from 17 July to 25 August, the Henan insurance industry received a total of 513,200 flood-related claims, with preliminary losses estimated at CNY12.4bn. So far, 346,000 claims or 67% of the total number lodged have been settled with the total pay-out amounting to CNY6.89bn.
The natural disaster, dubbed the 20 July Floods, affected 14.5m people in 150 counties, cities, and districts, and 1,663 townships and villages in Henan Province. More than 300 people were killed and around 50 missing.
The CBIRC is taking steps to further improve to further improve the insurance industry’s disaster response capabilities, including strengthening coordination in claims handling and ensuring that emergency response is efficient and timely. A 
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