The CIRC estimates the insurance payout for the recent fatal ship sinking in the Yangtze River at CNY92.5 million (US$14.9 million), according to local media.
Insurance firms underwrote 340 contracts for parties involved with the accident, which killed more than 400 people, mainly elderly domestic tourists. The four-deck Eastern Star capsized on 1 June after being hit by a freak tornado. It is one of China’s worst shipping disasters in nearly 70 years, reported Xinhua.
The ship-owned by Chongqing Eastern Shipping Corporation – was insured for CNY15.7 million by PICC, reported the Shanghai Securities News. It added that the Chongqing branch of PICC has paid CNY10 million to Chongqing Eastern Shipping Corp.
It said CIRC’s estimates also included CNY12 million of liability insurance for travel agencies, CNY61.7 million of personal insurance for 396 passengers and CNY3.12 million of personal insurance for 18 crew members.
Insurers had sent teams to the site on the day of the incident to settle claims. PICC had set up emergency leadership groups, implemented emergency response measures and sent small teams to the site. Ping An and China Life also launched emergency responses to the accident and had teams onsite to deal with insurance claims.