China ramps up insurance support for flood victims

China has strengthened insurance support for people affected by floods and geological disasters triggered by recent extreme rainfall in north China and the regions along the Yellow and Huaihe rivers, according to the National Financial Regulatory Administration.

As of Thursday, insurance institutions in 14 disaster-stricken areas received 143,600 claims, which mainly involve automobile, enterprise property and agricultural insurance. The total estimated losses in these cases stood at 3.29 billion yuan (US$460.67 million), said the administration.

So far, the institutions have settled 27,300 such cases, with a total payment of 116 million yuan.

The administration has instructed insurance institutions to offer services efficiently through accurate prediction, solid preparation, smooth communication, simple procedures, fast payment and specialized services.