Swiss Re to protect China's Guangdong province against losses from cyclones, rains

Posted On: Oct. 31, 2016 5:29 AM CST

Re Ltd. has partnered with a group of Chinese insurers, led by The People's Insurance Co. (Group) of China Ltd., to protect seven prefectures of Guangdong province against losses from tropical cyclones and excessive rainfall, Reuters reported. The pilot program covers Guangdong province against losses of up to $350 million. The program, expected to be adjusted and renewed annually, would be rolled out in 10 prefectures by the end of 2016.