1.6 bln yuan paid for snow damages

Source: CCTV.com | 02-26-2008 13:26

Insurance firms in China have paid out a staggering 1.6 billion yuan or 224 million US dollars in claims following this winter's snow disaster.

The Ministry of Civil Affairs says the recent storm caused over 100 billion yuan in direct financial losses. Among the worst hit are the power generating and transmission sector and, agriculture and forestry.

China's Insurance Regulatory Commission says major insurers such as PICC, China Life and Ping An have all launched emergency plans.

Editor:Zhang Ning