, China
258 views
/Robert Bye from Unsplash

China absorbs $13b loss in natural disasters in H1 2024

The government has allocated $570m for disaster management this year.

China’s natural disasters have cost the economy $12.83b in the first six months of the year (H1 2024), with nearly 33 million individuals affected by flooding, drought or extreme temperature, Reuters reported.

Events included heavy snow, 22 strong earthquakes, landslides, and flooding. The disasters resulted in 322 deaths or disappearances, 856,000 emergency resettlements, 23,000 houses destroyed, and 3.17 million hectares of crops damaged. 

The economic impact was worse than last year's, marking the biggest first-half loss since 2019. 

Climate change has intensified China's weather patterns. The government has allocated $570m (CNY4.17b) for disaster management this year.

($1.00 = CNY7.26)

Follow the link s for more news on

Join Insurance Asia community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Top News

APAC emerges as leader in renewables insurance
RE is projected to account for 45% of global electricity generation by 2030.
Insurance
IFRC-DREF triggers insurance payout after disaster relief demands exceed threshold
The policy provides up to $16.92m in coverage.The International Federation of Red Cross and Red Crescent Societies' Disaster Response Emergency Fund (IFRC-DREF) has triggered its first-ever insurance payout after disaster relief demands exceeded its deductible threshold. 
Insurance