(Re)in Summary
• Natural catastrophes in China caused 93.16bn yuan (US$13.25bn) in economic losses in the first half of 2024 says Emergency Management Ministry .
• Nearly 33 million people affected, 322 dead or missing, and 23,000 houses destroyed due to various disasters including floods, droughts, and earthquakes.
• The update comes amid torrential rain and flooding in Chongqing which has resulted in six deaths and widespread disruption.
On Friday, China’s Emergency Management Ministry reported that natural catastrophes (nat cats) have caused an estimated 93.16bn yuan (US$13.25bn) in direct economic losses in the country in the first six months of 2024.
The announcement comes amid heavy rain in Chongqing, southwest China, which has led to flooding, resulting in six deaths and widespread disruption. Rainfall has battered Chongqing since Wednesday night, with Dianjiang County experiencing a single-day record high of 269.2mm of rain on Thursday.
The heavy rains reportedly led to the collapse of a provincial highway in Kaizhou district, disrupting traffic and suspending 26 train journeys at Chongqing Railway Station. The downpour is estimated to have affected over 40,000 residents and damaged nearly 1,800 hectares of crops so far.
While it is too early to estimate insurance losses, direct economic losses are estimated at 82m yuan (US$11.3m) so far.
The inland megacity of Chongqing, situated along the upper reaches of the Yangtze River, faces further challenges as the water level of the Three Gorges Dam reservoir reportedly rose to 161.1 metres (528.5 feet), the highest ever recorded for July.
In response to the escalating situation, the Flood Control and Drought Relief Headquarters in Chongqing raised the flood emergency response to Level 3 for 14 districts and counties and the geological disaster alert to Level 3 for nine areas.
Chongqing’s mayor, Hu Henghua, stressed the need to enhance warnings and monitoring as flood preparedness reaches a critical phase. He highlighted the importance of timely evacuations in areas at risk of geological disasters, noting that it is prudent to be extra cautious to prevent potential losses.
Extreme weather continues
The extreme weather conditions in Chongqing are part of a broader pattern of severe weather affecting China this year.
On Friday, the Emergency Management Ministry said natural disasters in China—including flooding, drought, and extreme temperatures—have resulted in losses of 93.16bn yuan. The economic impact of natural catastrophes is higher than in the same period last year, when losses were 38.23 billion yuan.
The disasters, which include flooding, drought, heavy snow, 22 strong earthquakes, landslides, and mudslides, have affected nearly 33 million people, with 322 dead or missing, 23,000 houses destroyed, and damage to 3.17 million hectares of crops, the ministry added.
Northern areas have faced rapid droughts affecting 6.2 million hectares of farmland, with drought season affecting 1.29 million people in 10 northern provinces, causing estimated economic losses of 1.46bn yuan.
In contrast, in Southern China, the summer has seen extreme rains and flooding. The Yangtze River experienced its second serious flood in less than a month, following the first significant flood in late June, which impacted provinces including Hunan, Hubei, Jiangxi, and Anhui.
According to the National Financial Regulatory Administration’s latest update, insurance losses from the June floods have reached US$440m.