Insurance companies take a powerful hit from severe weather in China

Insurance companies - flooded streets in china
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Severe flooding, earthquakes, hurricanes and other disasters are leading to massive catastrophic losses. Insurance companies are feeling more than just a pinch from providing coverage in China. The country has faced massive severe rainstorms, flooding and other disasters, and they are becoming increasingly commonplace. July’s flooding in Henan broke a record for single most costly event with $1.7 billion in insured losses. This has been particularly hard on insurance companies selling property and casualty coverage, said an S&P Global Ratings report tracking losses to August 3. The rainfall in Henan…

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AIR Worldwide introduces new disaster model for China’s agriculture industry.

China’s insurance industry is growing at an alarming rate. The nation has introduced several new laws that make insurance more affordable for citizens and the nation’s market more appealing to foreign companies. One of the fastest growing markets in China is agriculture. AIR Worldwide, a global risk modeling agency, has released a new model assessing the risk of China’s crops. The model is among the first of its kind to be introduced to China and details a number of factors that can influence the pricing of crop insurance in the…

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