Planning for Disaster
Sep 23, 2021
3 minutes
By Wang Jun
The unprecedented July rainstorm that swamped Zhengzhou, capital city of Henan Province, has highlighted the role of catastrophe insurance in compensating losses caused by serious natural disasters.
At a press conference, Ma Chao, deputy head of the Henan Office of the China Banking and Insurance Regulatory Commission (CBIRC), announced that as of August 10, insurance companies in Henan had received 501,400 claims for losses caused by the rainstorm. Ma told attending media that 257,600 of these claims had already been settled, with a payout of 4.01 billion yuan ($621.71 million).
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