CHINESE FLOOD LOSSES COULD TOP $1.2BN: FITCH

Insured losses from the ongoing floods in China’s Henan province could exceed Yuan8bn ($1.2bn), according to Fitch Ratings. Since July 16 the province in east central China has been hit by torrential rainfall, which triggered floods and landslides. Fitch said the flooding losses will be material to the insurance industry as reported claims have continued to surge. Losses from motor vehicle, property, accident and agricultural insurance could contribute a substantial portion of the catastrophe claims.