Companies pay out millions after earthquake

China's insurers have paid out a total of 386 million yuan (US$56.6 million) in claims resulting from the May 12 earthquake, the industry regulator said yesterday.

Insurers received about 96,000 claims in total and inquiries from 147,000 clients, the China Insurance Regulatory Commission said on its Website yesterday.

Insurers also pre-paid 116 million yuan for claims which had not yet been completed, it said.

About 86.5 percent of the claims have been completed, the regulator said.

The devastating earthquake had damaged 1,527 insurers' outlets.

Insurers including China Life Insurance Co, Ping An Insurance, China Pacific Insurance and Taikang Insurance opened 24-hour hotlines for claims, sent relief teams led by senior management to the earthquake areas and streamlined indemnity procedures for claims related to the Sichuan earthquake.