INSURANCE PAYOUTS FROM CHINA SNOWSTORMS TOP CNY1BN

Chinese insurers have paid out more than CNY1bn ($139m) as a result of snow-related claims in the southern provinces of China, according to the China Insurance Regulatory Commission (CIRC). Property losses account for CNY855m of this, the regulator said. Releasing figures for up until February 7, the CIRC reported that insurers had received nearly 800,000 claims for snow or rain damage, with the provinces of Hunan, Hubei, Guizhou, Jiangxi and Anhui provinces, along with the Guangxi Zhuang Autonomous Region, suffering the most. Occupants of these areas submitted 463,000 claims involving CNY630m in compensation. Hubei has so far received CNY160m; Hunan, CNY145m; Zhejiang, CNY98m and Guizhou, CNY89m. Commercial property has received CNY302m so far, covering 44,800 claims. These included CNY254m to power generators. Agricultural payouts reached CNY35m. Individual owners of brood sows have been compensated CNY29m so far, with 49,000 animals reported lost. In the life sector, CNY20.7m has been paid to 18,000 beneficiaries. Health insurers have paid out CNY35.57m to 22,000 claimants.