Flooding costs in China

floodsAccording to the Chinese regulatory authority (CBIRC) the damages caused by floods in July 2020 amount to 2.4 billion CNY (343 million USD).

The event has affected twenty-six provinces, among which: Guangdong, Guangxi, Jiangxi, Chongqing, Sichuan, Hubei, Anhui and Guizhou.

The highest losses were recorded among the motor, corporate property and agricultural insurances. Insurers have established some measures to speed up the claim settlement process.

Read also | Chinese insurance industry

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