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November 17, 2010

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Insurance claims will total millions of yuan

INSURANCE companies began the process of calculating how much they will pay the residents of an apartment building that was gutted by flames in Jing'an District on Monday.

Coverage included commercial life insurance policies and a community plan.

China Pacific Insurance (Group) Co owes the building's residents a combined 4 million yuan (US$602,400) under a community policy.

Community insurance is capped at 4 million yuan per accident. It is a government-funded product and is separate from polices purchased by individuals.

Ping An Insurance (Group) Co said 76 residents in the building are covered by its life insurance products. Two of those residents died in the fire and another is still missing. The death compensation for the two totaled 1.82 million yuan, Ping An said.

New China Life Insurance also had clients in the building under a policy for residents more than 50 years old. The product covers losses up to 21,300 yuan per person.


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