Source: asiainsurancereview.com

The heavy floods that struck Henan (China) in July has caused insurers to pay out CNY7.74bn ($1.2bn) in compensation and an estimated loss of CNY12.43bn up to the aforementioned date, according to data from the CBIRC.

The extremely heavy rainfall, which started on 16 July, inundated 16 cities in Henan Province. The Henan insurance industry received a total of 522,500 claims, up to 8 September, arising from this disaster.

Natural disasters occur frequently in China. They include the 2012 “7.21” heavy rain disaster in Beijing, for which the insurance industry paid a total of CNY1.62bn in compensation. Insurers paid CNY6.4bn for losses suffered from the powerful Typhoon Fitow in 2013.