China insurance institutions receive claims totaling 9.8b yuan from 16 flood-hit areas

BEIJING -- China's insurance institutions have received a large number of claims from people affected by floods and geological disasters triggered by recent extreme rainfall in 16 regions, the National Financial Regulatory Administration said on Saturday.

Insurance institutions in the 16 regions have so far received 260,600 claims, with the estimated losses set out in the claims totaling 9.78 billion yuan (about $1.37 billion), according to the administration.

Insurance institutions have already settled 114,000 claims, paying out a total of 1.45 billion yuan to date.

The administration said it has issued a notice to its local branches and the insurance industry, requiring its local branches to guide insurance companies under their jurisdiction to make detailed measures to deal with claims.

Relevant insurance institutions should strive to settle more than 90 percent of auto insurance claims by the end of this month, it said.

The administration has instructed insurance institutions to offer efficient services through accurate predictions, solid preparations, smooth communication, simple procedures, fast payments and specialized services.