China floods cost more than $8 billion

The recent flooding in China caused more than $8.3 billion (USD) in economic losses across the country, according Aon Benfield’s latest edition of its Global Catastrophe Recap report.

Published by Impact Forecasting, the firm’s catastrophe model development centre, the report reviews the natural disaster perils that occurred worldwide during July.

Heavy rainfall in China spawned flooding and landslides in nearly two-dozen provinces, leading to 324 deaths, at least 475,000 homes destroyed or damaged and more than 1.66 million hectares of cropland affected, according to the Ministry of Civil Affairs.

Total combined economic losses were listed at $8.3 billion, while the China Insurance Regulatory Commission noted that 47,000 claims were filed with payouts in excess of $176 million (USD).

“Much of China was affected by flooding rainfall during July, including parts of Beijing experiencing its heaviest rains in 61 years. On the opposite extreme, much of the U.S. continued to face its worst drought in several decades. Both weather events have impacted crops and the agriculture industry,” said Steve Jakubowski, president of Impact Forecasting in a press release.