Claims for China floods reach 260,600 as loss estimate hits $1.37bn

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China’s insurance institutions have so far received 260,600 claims in the 16 regions affected by floods and geological disasters triggered by recent extreme rainfall, with the estimated losses set out in the claims totalling 9.78 billion yuan ($1.37 billion), according to the National Financial Regulatory Administration.

ChinaIn July, China was hit by a trio of typhoons which worsened the effects of the seasonal monsoon rains.

Of these typhoons, two made landfall, including super typhoon Doksuri, which impacted large areas of northwest China for several days, swamping Beijing and surrounding provinces such as Hebei.

As per several reports, the Chinese capital experienced the most rainfall in 140 years during this time, with 62 people so far being confirmed dead, 33 from Beijing and 29 from Hebei province.

The National Financial Regulatory Administration said that insurance institutions have thus far settled 114,000 claims, paying out a total of 1.45 billion yuan to date.

The administration added that it has issued a notice to its local branches and the insurance industry, requiring its local branches to guide insurance companies under their jurisdiction to make detailed measures to deal with claims.

“Relevant insurance institutions should strive to settle more than 90% of auto insurance claims by the end of this month,” the administration said.

It has also instructed insurance institutions to offer efficient services through accurate predictions, solid preparations, smooth communication, simple procedures, fast payments and specialised services.

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