China suffers $8bn economic losses from July floods

Beijing floods

Heavy rainfall in China spawned flooding and landslides in nearly two dozen provinces, leading to 324 deaths, at least 475 000 destroyed or damaged homes and more than 1.66 million hectares (4.1m acres) of affected cropland, according to the Ministry of Civil Affairs. Total combined economic losses were listed at $8.3bn, and the China Insurance Regulatory Commission noted that 47 000 claims were filed with pay-outs in excess of $176m. Steve Jakubowski, president of impact forecasting at Aon B