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PICC Property & Casualty Co. Ltd. [077633], China's largest nonlife insurer, said the company is evaluating estimated losses caused by a powerful quake that hit China's western Qinghai province.
The company said it is designating special resources and support for claims management and investigation.
The province was hit by a 6.9 magnitude earthquake on April 14, causing massive damage to buildings and infrastructure and killing nearly 600 people.
The earthquake was located in the sparsely populated and remote region between Qinghai province and Tibet, an area predominantly inhabited by Tibetan farmers. The area is also home to several coal, tin, lead and copper mines, according to international reinsurance broker Guy Carpenter & Co. in a catastrophe report.
Yushu county, with a population of about 100,000 about 500 miles southwest of the provincial capital Xining, suffered the worst of the quake, according to Guy Carpenter.
The worst-hit town was Jiegu, where 85% of buildings were reportedly destroyed. Power and water have been cut off and the road to the local airport was blocked by landslides.
While China is extremely earthquake-prone, the risk is mostly underestimated and insurance protection is low.
China's insurance penetration, as a percentage of premium for gross domestic product, stood at 1.04% for nonlife and 2.22% for life insurance, according to Swiss Re's [085009] sigma report.
Earthquake hazards are highest in western China, where the influences of the Himalayan collision zone can give rise to catastrophic quakes, said Munich Re [085011] in its 2009 natural catastrophes report. The Sichuan earthquake in May 2008 was one example, causing more than 84,000 deaths and US$85 billion in economic losses.
In the aftermath of the Sichuan quake, PICC entered into a strategic agreement with the Sichuan provincial government to support economic and insurance market developments, as well as post-disaster redevelopment of the province (BestWire, Nov. 16, 2009).
Under the agreement, PICC will cooperate with the Sichuan provincial government in areas of policy-guided insurance, commercial insurance, insurance service innovations and insurance capital use. It will also work to facilitate post-earthquake redevelopment in the province and the economic development of the highlands in the west of China. Ping An Property & Casualty [88777] claimed to have paid the largest single claim related to the Sichuan quake -- an agreement with Lafarge Shui On Cement Ltd. to pay 720 million yuan (US$105 million).
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