China Insurers Pay $165M For Snow Damage

From AP via :

Chinese insurers have paid more than 1.2 billion yuan, or $165 million, for deaths and damage from snowstorms that killed at least 107 people, said officials quoted Wednesday by a state news agency.

Millions more in claims are pending from China’s worst snow and ice storms in five decades, which began Jan. 10 and wrecked homes, businesses and crops, the Xinhua News Agency said.

Insurers have been warned not to reject or delay payouts, Xinhua said, citing the China Insurance Regulatory Commission .

The commission did not immediately respond to requests by phone and fax for comment.

The snows disrupted trucking and railways and ripped down power lines, worsening electricity shortages blamed on lack of coal. Steel mills and other businesses shut down.

Damage is estimated at 111.1 billion yuan ($15.5 billion), Xinhua said in a separate report Wednesday, citing Li Xueju, the civil affairs minister.


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