Southern China floods trigger 18,400 insurance claims

Estimated losses amounted to $86.66m.

Recently, southern China, including Guangdong, Guangxi, Anhui, Fujian, Hunan, and other regions, has faced severe flooding and geological disasters, resulting in casualties and significant property damage. 

As of 23 June, insurance companies in the affected regions received 18,400 claims, estimating losses of $86.66m (CNY619m) across various insurance types including auto, corporate property, agricultural, accident, and rural housing insurance. 

Insurers deployed nearly 10,000 personnel and over 5,000 vehicles for survey and rescue operations, already disbursing $14.70m (CNY105m) in compensation with ongoing efforts continuing in an organized manner.

The National Flood and Drought Relief Headquarters promptly responded to President Xi Jinping's directives, deploying efforts in flood control, drought relief, disaster response, and insurance claims settlement.

Local offices of the National Flood and Drought Relief Headquarters in affected provinces acted swiftly, initiating disaster response measures and directing insurance companies to align financial resources with local government strategies for flood control and disaster relief. 

The insurance industry promptly implemented regulatory directives, launched emergency response operations, and collaborated closely with government agencies in meteorological analysis, information sharing, and on-site relief efforts.

Insurance companies established on-site claims processing centres in disaster-stricken areas, streamlined compensation procedures, and expedited payments to ensure timely support. They also intensified risk management efforts and issued rain and flood alerts through various channels such as WeChat and enterprise platforms.

($1.00 = CNY7.27)