China floods: claims costs

Chinese insurance companies have received 260 600 claims for damage caused by the recent floods triggered by the extremely bad weather conditions that affected 16 regions of the country, including Beijing and Hebei. The total cost of the claim is estimated at 9.78 billion CNY (1.4 billion USD).

So far, local insurers have settled 114 000 claims for a total of 1.45 billion CNY (200.4 million USD).

The National Administration of Financial Regulation has called on insurance companies to offer efficient services, including smooth communication, simple procedures and fast claims settlement.