China: Floods lead to insurance claims exceeding $335m
Source: Asia Insurance Review | Aug 2024
Insurance companies in China in eight regions have received a total of 81,300 claims arising from the current major flood season.
As of 15:00h local time on 5 July 2024, the insurance claims amounted to CNY2.459bn ($338m), of which CNY676m had been paid as compensation and as prepayments ahead of the lodging of claim documents.
The claims relate to auto insurance, agricultural insurance, corporate property insurance, accident insurance and farmhouse insurance, according to local media reports.
The eight regions are Anhui, Fujian, Guangdong, Guangxi, Guizhou, Hunan, Jiangxi and Zhejiang.
Insurers in these regions have opened up green channels for quick claims submissions and simplified claims procedures to help policyholders affected by the floods.
Since mid-June, the middle and lower reaches of the Yangtze River have been hit by consistent torrential rainstorms with the accumulated precipitation in some provinces. Coastal provinces such as Guangdong and Zhejiang have seen more intense rainstorms and severe flooding in recent years.
The annual flood season is from April to September. A