China receives 260,600 flood-related claims

Rains in 16 regions of China have led to widespread flooding and geological disasters.

Due to the onset of extreme rainfall, China’s insurance institutions received a total of 260,600 claims, indicating estimated losses of about $1.37b, according to the National Financial Regulatory Administration (NFRA)

Recent severe rainfall in 16 regions of China has led to widespread flooding and geological disasters, prompting a significant number of claims from affected individuals, said the NFRA.

In response, insurance institutions have already processed 114,000 claims, resulting in a total payout of $200m. 

The NFRA  has taken action by issuing a notice to its local branches and the insurance industry at large. This notice instructs local branches to guide insurance companies within their jurisdiction in formulating detailed strategies to address the claims.

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Specifically, the administration has set a target for relevant insurance institutions to settle more than 90% of auto insurance claims by the end of the current month. 

Moreover, the administration has emphasised the importance of efficient services, which include accurate predictions, solid preparations, effective communication, simplified procedures, prompt payments, and specialised assistance.