 China Life Insurance quake claims put at US$19m
(Xinhua)
Updated: 2008-05-15 16:00
BEIJING-- China Life Insurance (Group) Co., the nation's largest life insurer, told Xinhua on Thursday that it has received 150 claims, including 26 death claims and 97 casualty claims, from southwestern quake-stricken areas.
It estimated the combined compensation payments at 134 million yuan (19.14 million US dollars) as of 4 pm on Wednesday, covering several affected localities including Sichuan, Shaanxi, Yunnan, Gansu and Chongqing.
The insurer said it has already settled 26 claims.
According to China Life's estimates, there are about 110,000 insured people in the quake-affected area, including 58,000 students.
Wang Xiaogang, an insurance analyst with Shanghai-based Orient Securities, predicted that China Life would pay about 700 million yuan in life insurance claims arising from Monday's quake.
Yang Chao, president of China Life, said: "Our firm is fully prepared to cover all the claimants' losses."
Yang announced on Wednesday evening that the company would pay all the living costs of those orphaned in the quake until they reached the age of 18.
Wang Yijie, general manager of China Life's branding and publicity department, told Xinhua on Thursday that the company was discussing the details of that aid with civil affairs agencies. He said the company is still collecting data on the orphans.
The company said it has staff on duty 24 hours a day to handle claims in a timely manner.
The China Insurance Regulatory Commission on Tuesday urged the nation's insurers to establish simplified processes for claims arising from the quake.
"China Life's pre-tax profit is forecast to reach 37.7 billion yuan this year and the earthquake's impact would not lower profitability by more than 2 percent," Wang Xiaogang was quoted as saying by Thursday's China Securities Journal.
The insurance industry had donated 64 million yuan for the quake-hit jurisdictions as of 5 p.m. on Wednesday, of which 16.47 million yuan was from China Life.
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