NU Online News Service, Aug. 12, 3:38 p.m. EDT
Severe flooding in China this summer has caused massive destruction and tens of billions of dollars in damage, but is unlikely to have a large impact on the insurance industry, Guy Carpenter & Company's Instrat unit said.
Guy Carpenter issued a report, "Floods in China: August 2010," and said that flooding has left more than 2,100 people dead or missing country-wide and has caused damage--including the destruction of homes and infrastructure--across 28 provinces and regions of China.
As of Aug. 6, Guy Carpenter said the Chinese Ministry of Civil Affairs estimated economic losses from these flood-related disasters at around 275 billion Yuan ($40.6 billion at current exchange rate).
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