Insurers Receive $18 Million Claims After Super Typhoon Hits Southern China

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Wreckage left by Super Typhoon Yagi in Zhanjiang, Guangdong, on Sept. 7, 2024.

Super Typhoon Yagi made landfall in Hainan and Guangdong provinces last Friday, causing widespread damage, affecting more than 1.2 million people and leading to insurance claims expected to reach hundreds of million yuan.

The storm left four people dead and 95 injured in Hainan province, while devastation was widespread.

Preliminary reports show economic losses in Hainan province surpassing those of Typhoon Rammasun in 2014. In Wenchang alone, the cost was put at 32.7 billion yuan ($4.6 billion), nearly equaling the city’s annual GDP. Combined with Haikou, the economic loss of both cities amounts to 60 billion yuan, one-sixth of Hainan’s GDP in the first half of the year.

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* Super Typhoon Yagi caused significant damage in Hainan and Guangdong provinces, affecting over 1.2 million people and resulting in hundreds of millions of yuan in insurance claims.
* Hainan province experienced substantial economic losses, particularly in agriculture, with the cost in Wenchang alone nearing $4.6 billion.
* The insurance industry responded rapidly, with companies issuing early warnings, proactively preparing for the disaster, and quickly processing claims for affected individuals and businesses.

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