The winter storms sweeping China have caused $US7.5 billion ($8.4 billion) in economic losses, says the Chinese Ministry of Civil Affairs.

The storms have paralysed the country's transport system for the past month, leaving millions of Chinese unable to return to their hometowns for Chinese New Year.

The impact on the insurance sector is likely to be minimised by the country's endemic underinsurance. Annual gross written premiums in China are 1% of GDP, or less than $US20 ($22.38) per capita, compared with 3.2% and $US1200 ($1343) in Australia.