Home>News Center>China
       
 

Crash victims compensated
By Chuan Yu (China Daily)
Updated: 2004-12-09 00:42

Chinese insurers have paid tens of millions of yuan after a China Eastern Airlines airplane crashed last month, the China Insurance Regulatory Commission (CIRC) said yesterday.

The plane crashed on November 21 shortly after it took off from an airport in Baotou, North China's Inner Mongolia Autonomous Region, killing all 54 people aboard.

The PICC Property and Casualty Co Ltd, China's largest non-life insurer, has paid off US$23 million in claims over the loss of the aircraft, and is still processing claims totalling US$1.4 billion in carrier liability insurance contracts.

The company had previously ceded 86 per cent of its total insurance liabilities on the airplane to domestic and foreign reinsurers, and is currently in the process of receiving repayments from reinsurers, the CIRC said.

According to estimates, the China Life Insurance Co Ltd, Ping An Insurance (Group) Company of China and Pacific Insurance Co will pay a combined 13 million yuan (US$1.6 million) to cover life and aviation accident insurance policies. So far, they have paid out 9.8 million yuan (US$1.2 million), the commission said.

Out of the total, China Life is responsible for 10.4 million yuan (US$1.3 million), of which it had paid out 7.6 million yuan (US$915,000).



 
  Today's Top News     Top China News
 

Market recognition benefits China-EU partnership

 

   
 

Foreign trade tops US$1 trillion

 

   
 

Polluting steel plants moving out

 

   
 

Goverment aims to fatten farmers wallets

 

   
 

Industrial output slows down mildly

 

   
 

Oil firm chief in Singapore free on bail

 

   
  Goverment aims to fatten farmers wallets
   
  Polluting steel plants moving out
   
  Watchdog calls for check of power plants
   
  Fishery guilds ink deal to quell fishing disputes
   
  China to sponsor 7,245 studying abroad next year
   
  Two accidents kill 11 in Xi'an
   
 
  Go to Another Section  
 
 
  Story Tools  
   
  Related Stories  
   
At least 118 die in fatal Milan accident
   
6 Americans confirmed dead in Afghan crash
   
6 Americans dead in plane crash in Afghanistan
   
At least 15 dead in Indonesia plane crash
   
Recorders of crashed plane decoded
   
US$25,000 in compensation for crash victim
   
Black boxes decoded, cause still unclear
  News Talk  
  It is time to prepare for Beijing - 2008  
Advertisement