Parametric insurance payouts worth $40 million paid for severe rains

China’s insurance regulator said that severe rainfall and floods since late May have triggered parametric catastrophe insurance payouts for 16 cities in the Guangdong province, Artemis reported. So far, almost $40 million have been paid in parametric insurance payouts, from its $350 million parametric insurance facility, backed by reinsurer Swiss Reinsurance Co. Ltd. and insurers People's Insurance Co. of China Ltd., Ping An Insurance Co. of China Ltd. and China Pacific Insurance (Group) Co. Ltd., for protection against tropical cyclone and excess rainfall events.