Insurers across nine Chinese regions have received 320,000 claims relating to recent rainstorms and flooding, with paid and advance claims exceeding 2.2bn yuan (approx. US$323m), according to the National Financial Regulatory Administration (NFRA).
The claims were reported in Guangxi, Hubei, Hunan, Guangdong, Guizhou, Gansu, Chongqing, Jiangxi and Anhui following floods, reservoir breaches, landslides and other disasters caused by heavy rain and strong winds.
The NFRA has instructed insurers to simplify claims procedures, open fast-track channels and make reasonable advance payments. Banks and insurers were also told to maintain essential financial services and support post-disaster reconstruction.
In Guangxi, Typhoon Maysak brought severe flooding that contributed to reservoir failures and widespread disruption, prompting insurers to mobilise claims and emergency response teams across affected areas.
Hubei separately activated its government-backed catastrophe insurance programme after thunderstorms, tornadoes and strong winds, with estimated payouts exceeding 20m yuan by 8 July.
Further losses could emerge as Typhoon Bavi approaches eastern China, with the NFRA warning that the storm could bring heavy to extreme rainfall to parts of the country. The typhoon is expected to make landfall between the Fujian and Zhejiang provinces on 11 July after passing close to northern Taiwan.
China’s national flood control authority has also activated a Level IV emergency response for Beijing and Tianjin because of heightened risks of flash floods, landslides, river flooding and urban waterlogging.
Tianjin separately raised its municipal flood response to Level II after issuing an orange rainstorm warning. Parts of the municipality could receive more than 150 millimetres of rain between 10 and 12 July, with hourly rainfall exceeding 70 millimetres in some areas.
