Skip to main content
The Actuary: The magazine of the Institute and Faculty of Actuaries - return to the homepage Logo of The Actuary website
  • Search
  • Visit The Actuary Magazine on Facebook
  • Visit The Actuary Magazine on LinkedIn
  • Visit @TheActuaryMag on Twitter
Visit the website of the Institute and Faculty of Actuaries Logo of the Institute and Faculty of Actuaries

Main navigation

  • News
  • Features
    • General Features
    • Interviews
    • Students
    • Opinion
  • Topics
  • Knowledge
    • Business Skills
    • Careers
    • Events
    • Predictions by The Actuary
    • Whitepapers
  • Jobs
  • IFoA
    • CEO Comment
    • IFoA News
    • People & Social News
    • President Comment
  • Archive

Topics

  • Data Science
  • Investment
  • Risk & ERM
  • Pensions
  • Environment
  • Soft skills
  • General Insurance
  • Regulation Standards
  • Health care
  • Technology
  • Reinsurance
  • Global
  • Life insurance
Quick links:
  • Home
  • The Actuary Issues
  • October 2016
10

China suffers extreme floods but defences help crops

Open-access content 12th October 2016

China has experienced its worst floods since the supposedly ‘one in 100 years’ flooding of 1998, but damage to crops has reduced, Aon Benfield has said.

2

The firm, the global reinsurance intermediary and capital advisor of Aon plc has issued its Natural Catastrophe Report for China in Summer 2016, when, as in 1998, the country suffered the effects of a 'super El Niño' flood.

It said that at least 130,000 claims related to storm and flood have been reported following this summer's floods in the Yangtze river area and the north and north east of China.

Based on government statistics, economic losses will exceed 255.8bn yuan, while Aon Benfield estimates total insurance loss to reach more than 4bn yuan.

It said 4bn yuan was estimated to be approximately 1.5% of total economic loss, reflecting the low level of insurance penetration.

Despite similar hazard patterns, the impact of the flooding had decreased significantly since 1998, with 68% fewer crops damaged as the Yangtze dam did not break this summer.

The Chinese government has since 1998 increased investment in flood forecast and control, and improved defence systems.

Yifan Fu, head of Aon Benfield Analytics Greater China, said: "As Chinese re/insurers begin to analyse their losses from the floods, the report provides a market overview to help prepare for the renewal season.

"While it is still early days to predict the full impact of the summer events, it is clear that the low insurance penetration will provide a potential for growth going forward."

This article appeared in our October 2016 issue of The Actuary.
Click here to view this issue
Filed in:
10
Topics:
Environment
Share
  • Twitter
  • Facebook
  • Linked in
  • Mail
  • Print

Latest Jobs

Make the switch from Pensions > Life Insurance

Manchester
Excellent Salary + Bonus (study support if required)
Reference
118732

Nearly/Newly Qualified Actuary – With Profits Reporting & Valuation

Scotland
£Upon Application
Reference
118763

Director of Investment Risk

London (Central)
+ comprehensive benefits
Reference
118783
See all jobs »
 
 

Most-Popular

 
 
 

Sign up to our newsletter

News, jobs and updates

Sign up

Subscribe to The Actuary

Receive the print edition straight to your door

Subscribe
Spread-iPad-slantB-june.png
​
FOLLOW US
The Actuary on LinkedIn
@TheActuaryMag on Twitter
Facebook: The Actuary Magazine
CONTACT US
The Actuary
Tel: (+44) 020 7880 6200
​

IFoA

About IFoA
Become an actuary
IFoA Events
About membership

Information

Privacy Policy
Terms & Conditions
Cookie Policy
Think Green

Get in touch

Contact us
Advertise with us
Subscribe to The Actuary Magazine
Contribute

The Actuary Jobs

Actuarial job search
Pensions jobs
General insurance jobs
Solvency II jobs

© 2020 The Actuary. The Actuary is published on behalf of the Institute and Faculty of Actuaries by Redactive Publishing Limited, Level 5, 78 Chamber Street, London, E1 8BL. Tel: 020 7880 6200