Chinese Insurance Carriers Pay Out in Snowstorm Claims
The Chinese industry regulator reported that Chinese insurance companies have paid 680 million yuan ($94.6 million) in claims for snowstorms that have paralyzed the country.
In a statement posted on the China Insurance Regulatory Commission's website today, China is urging insurers to speed up the claims settlement process.
China's worst snowstorms in 50 years have forced the evacuation of more than a million people as the storms destroyed or damaged at least a million homes, according to the nation's Ministry of Civil Affairs. Half of the country's provinces have suffered power outages.
Total claims are estimated to reach 3.5 billion yuan, said Wu Dingfu, the insurance watchdog's chairman.
Published on February 5, 2008
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