Beijing insurance companies pay $142m after floods

Insurance companies in Beijing had to pay out about 900 million yuan ($142.37 million) in compensation due to the damages caused by the floods that hit the region on July 21, the China Insurance Regulatory Commission said, according to a report on the China National Radio website.

The 20-hour downpour that struck Beijing on July 21st left 77 dead.

The commission said that insurance companies received 46,000 claims by July 29.

The companies received 41,000 claims from car owners, which represented about 370 million yuan in compensation.

The commission said it is requiring insurance companies to move faster to assess the flood damage and to settle claims timely and precisely.

Dong Bo, deputy director of asset insurance supervision at the commission, told cnr.cn that the commission will pay more attention to agriculture claims as rain falls are affecting many provinces this summer.