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Analysis-Extreme weather sounds alarm for under-insured China

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Reuters

BEIJING (Reuters) – Devastating summer floods in the populous province of Henan in central China are a wake-up call for local authorities to seek better insurance cover against natural disasters, potentially opening up a huge market for insurers in the country. Many local governments in China, especially those in typhoon-prone areas, have embraced such insurance, but regulators and experts say more needs to be done after losses in under-protected Henan swelled to 133.7 billion yuan ($20.64 billion), or 4.6% of its first-half gross domestic product, due to the floods last month. Globally, insur…

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