Gloria Methri is a Regional Correspondent at (Re)in Asia, tracking the regulation and risk stories moving Asia Pacific insurance. Areas of specialty include Indian insurance regulation, natural catastrophe losses across China and Australia, and marine and war risk markets.
Issued after insurer feedback, the guidance requires appointed actuaries to report to boards and insurers to run validation throughout the first year of adoption.
The figures cover losses from typhoons Maysak and Bavi and wider July flooding, with insurers having already advanced CNY2.89bn (US$427m) to policyholders across Zhejiang, Guangxi and Hubei.
Asia recorded its lowest first-half insured catastrophe losses since 2017, but more than US$6bn in flood-driven economic losses in China underscored the region's significant protection gap.
