| Abstract: | The unprecedented July rainstorm that swamped Zhengzhou, capital city of Henan Province, has highlighted the role of catastrophe insurance in compensating losses caused by serious natural disasters.At a press conference, Ma Chao, deputy head of the Henan Office of the China Banking and Insurance Regulatory Commission (CBIRC), announced that as of August 10, insurance com-panies in Henan had received 501,400 claims for losses caused by the rainstorm. Ma told attending media that 257,600 of these claims had already been settled, with a payout of 4.01 billion yuan ($621.71 million). |
