2% of China’s Floods Insured vs. 70% in U.S
Saturday, 08 06 2016, Category: Nature, Country: Asia
China’s seasonal “Mei-Yu” rainfall in July led to the worst flooding since 1998, bringing total combined economic losses of an estimated US$33 billion, according to a report published by Impact Forecasting, Aon Benfield’s catastrophe model development team.
Affecting the Yangtze River Basin and the country’s northeast, the floods have damaged an estimated 18 million acres of cropland and nearly 20 provincial regions – in some areas since the month of May.
Insurance claims payouts represented less than 2.0 percent of the economic cost with most claims coming from lost agriculture, said Impact Forecasting, quoting statistics issued by the China Insurance Regulatory Commission.
Source: Insurance Journal