China’s insurance institutions have received a large number of claims from people affected by floods and geological disasters triggered by recent extreme rainfall in Hebei, Beijing, Heilongjiang, Jilin and Tianjin, the National Financial Regulatory Administration has said.
As of 10 a.m. on 8 August, insurance institutions in the five regions have received 117,600 claims, mainly related to motor, corporate property and agricultural insurance.
The estimated losses set out in the claims total CNY5.3bn ($750.37m), reported Xinhua News Agency citing the regulator. Insurers have already settled 22,600 claims, paying out a total of CNY190m.
The administration has instructed insurance institutions to offer efficient services through accurate predictions, solid preparations, smooth communication, simple procedures, fast payments and specialised services.
