By Ding Qi (chinadaily.com.cn)
Updated: 2008-02-13 14:17

Chinese insurers have paid more than one billion yuan ($138.9 million) for snow related claims in southern provinces, but millions more may yet be paid, according to insurance regulator.

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Among the one-billion-yuan in compensation payouts, property losses account for nearly 90 percent or 855 million yuan, the China Insurance Regulatory Commission (CIRC) said in a special report on the snow disaster.

As of February 7, insurance companies across the country had received some 799,700 claims for snow or rain damage, according to the report. Hunan, Hubei, Guizhou, Jiangxi, and Anhui provinces and the Guangxi Zhuang Autonomous Region, having suffered the most from the snow-related accidents, reported a combined 463,000 claims involving 630 million yuan in compensation.

As the top four beneficiaries, Hubei, Hunan, Zhejiang and Guizhou provinces received 160 million yuan, 145 million yuan, 98 million yuan and 89 million yuan respectively.

In terms of insurance types, enterprise property related claims amounted to 44,800 cases, which involved 302 million yuan of compensation, including 254 million yuan to power generators.

Vehicle loss claims reached around 605,800 cases and were covered with 400 million yuan.

Insurance firms have also paid out more than 56 million yuan on health and life policies.

Individual owners of brood sows reported losing 49,900 sows, and have been compensated with 29 million yuan so far.

Last week, the State Council said in a statement that insurers had paid out 49.92 million yuan in agriculture-related claims and another 2.35 million yuan for damaged rural homes.

CIRC earlier this month warned insurance firms not to reject, delay or cut payouts on weather-related claims.