Insurance Companies Step Up Payment on Claims

Chinese insurance companies are stepping up payments on claims from the recent earthquake in southwestern China.

The insurance companies have formed a joint team to handle claims from the earthquake. The companies will pay half of the life insurance payout for a missing person, and the full amount if a person is confirmed dead.

Wu Dingfu, chairman of the Insurance Regulatory Commission, urges insurance companies to safeguard the interests of people in the affected regions.

"In regard to disputes over some insurance contracts, we will make explanations favorable to the policy-holders and beneficiaries to solve their practical difficulties."

Insurance companies have so far received over 210 thousand claims related to life and property insurance, and have paid out 130 million yuan, or nearly 20 million US dollars.