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Thread: Chinese insurers face massive payouts
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[quote=ICEBERG,270500]In last few weeks, heavy snow storms had attacked China and caused huge losses, agricultural crops damaged and people left dead. Right now, the heavy snow disaster has been controlled but the losses caused by it are increasing. According to government statistics, direct economic losses have reached 15.6 billion dollars. The insurance payouts is close to 150 million dollars. Total payouts might exceed 1.2 billion, estimated by CIRC. As time goes on, insurance payout will increase, an offical said. The insiders estimate total insurance payouts will approach 10 to 12 billion but the actual payouts would be 5 to 6 billion yuan. Ping'an Insurance and China Paciffic Insurance are the big victims but their loss in 2008 will be below 5 percent.[/quote]
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