The deadly floods that devastated swathes of Central China's Henan province last month are expected to cost insurers billions of yuan, sounding a warning for the costs of climate change, according to industry insiders and analysts.

The official death toll (link in Chinese) had reached 302 on Monday, and estimates of immediate economic losses had grown past 114 billion yuan ($17.6 billion). The provincial capital, Zhengzhou, has been the hardest hit by far, while flooding and heavy rain has also severely affected other cities, including Xinxiang, Hebi and Kaifeng.

Insurance payouts related to the disaster are expected to exceed 8 billion yuan, or about 0.7% of China's total non-life direct premiums in 2020, analysts at global ratings giant Fitch Ratings Inc. wrote in a report. An actuary at a large property insurance company projected a higher number at more than 10 billion yuan.