In its Best’s Commentary, “Henan Flood Losses Expected to Be Manageable for China Insurers,” AM Best notes that the heavy insured toll can be attributed to China’s urbanization, as well as the fact that the extreme weather event hit a major city. AM Best expects motor insurance to account for the vast majority of incurred claims, given the heavy flooding in
The agriculture insurance segment also is expected to bear a significant portion of claims. China’s agricultural insurance segment has become the world’s largest agricultural insurance market, and has been growing at an annual rate of 20% over the past decade with a premium volume today that has surpassed that of
Early reported loss assessments estimate insured losses at
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Source: AM Best