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China's 1st Force Majeure Indemnity Paid to Tibet's Residents

(2009/12/15)

 

The Tibet Branch of the People's Insurance Company of China (PICC) Property and Casualty will pay 2.85 million yuan RMB (417,000 U.S. dollars) in claim settlement to the quake-affected residents in Xigaze Prefecture.

It will be China's first insurance indemnity ever paid to the policyholders suffering from force majeure like earthquakes.

Dorje Cizhu, mayor of Lhasa, capital of Tibet, gives out claim payment to drought-affected residents, on December 8, 2009, photo from CTIC.

A 5.6-magnitude earthquake jolted Xigaze Prefecture on November 8, causing damages to four counties involving 60 villages, 3,032 residents and 500 houses.

Since the farmers and herders in Ngamring County and Sakya County are covered by the agricultural insurance, officials of the PICC Tibet Branch promptly went to the two counties to evaluate the losses.

Du Honghe, deputy general manager of the branch, said that his company introduced in 2006 the agricultural and animal husbandry insurance on a trial bases in Lhatse County, Xigaze Prefecture, and the Shuanghu Special Area, Nagqu Prefecture.

The company has promoted such insurance in 30 counties in Tibet in the last two years.

He added that such insurance will not only prevent Tibet's farmers and herders from plunging into poverty as a result of diseases and disasters, but also raise their awareness of buying insurance.



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