Swiss Re Warns of USD 44 Billion Loss Scenario from Chinese Flood and Storm Surge

by swisscham in Bank, Finance, Insurance

With its large economy and over half of its manufacturing centres exposed to flood risk, China represents a much bigger risk to insurers than Thailand, according to a new report from Swiss Re. It found that industrial flood loss potential in high growth markets is enormous and urgent work is needed to develop more detailed flood hazard and exposure information in these markets, as well as greater analysis of risks along global supply chains. Out of all HGMs, Swiss Re claims China has the biggest flood loss potential, with 52% of its industry areas exposed to flooding and 25% to storm surge. The most exposed regions being the Pearl River area and Shanghai where Swiss Re notes a storm surge and river flooding could result in insured large loss scenarios worth USD 44bn and USD 16.5bn respectively.

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