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.
China's insurers are processing thousands of claims following Typhoon Bavi's landfalls in Zhejiang, with Ping An, PICC and China Pacific reporting early losses and payouts.
The Hong Kong subsidiary swung back to profit in 2024, with the ratings agency also pointing to the importance of its cross-border role linking mainland China and Hong Kong.
