China bolsters insurance support for flood victims

Total estimated losses across 14 disaster-struck areas have reached about $460.67 million

China bolsters insurance support for flood victims

Insurance News

By Kenneth Araullo

China is ramping up its insurance support for citizens affected by the floods and geological disasters resulting from the recent extreme rainfall in the north as well as regions along the Yellow and Huaihe rivers.

The National Financial Regulatory Administration said in a report that across 14 disaster-struck areas, insurers have received more than 140,000 claims involving automobile, enterprise property, and agricultural business. Total estimated losses from these events are at about US$460.67 million.

Thus far, insurers have paid out 27,300 of the total claims, amounting to US$16.155 million. The administration urged these insurers to offer efficient services through smoother communication, simpler procedures, and specialized services.

What are your thoughts on this story? Please feel free to share your comments below.

Related Stories

Keep up with the latest news and events

Join our mailing list, it’s free!