CATASTROPHES PUSH PICC 1H INTO A LOSS

Claims from the devastating snowstorm in January and February this year and the Sichuan earthquake pushed Chinese insurer PICC into a first half loss. The insurer reported a net loss for the first six months of 2008 of Yuan292m, compared with a Yuan3.2bn profit a year ago. However the performance was better than some commentators had feared. The insurer enjoyed a 19% increase in revenue to Yuan58.97bn, with net premiums increasing 21% to Yuan40.18bn. PICC’s claims figure for the half was up 40% year-on-year to Yuan30.48bn.