Chinese Insurance Companies to Compensate Plane Crash Victims

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Last updated at: (Beijing Time) Thursday, April 18, 2002

Chinese Insurance Companies to Compensate Plane Crash Victims

The China Insurance Regulatory Commission (CIRC) and many insurance companies reacted instantly after Monday's Air China plane crash in the Republic of Korea, according to the CIRC.

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The China Insurance Regulatory Commission (CIRC) and many insurance companies reacted instantly after Monday's Air China plane crash in the Republic of Korea, according to the CIRC.

Ma Yongwei, chairman of CIRC, asked relevant insurance companies to draw up compensation plans. So far, the investigation of losses of life insurance, property insurance and duty insurance as well as compensation procedures were in the pipeline.

Relevant life insurance companies have collected the names of casualties and policy-holders. They had also prepared compensation payouts worth 4 million yuan.

According to the latest information, among the 155 passengers on board the CA129 which crashed in Pusan in the Republic of Korea (ROK), 122 booked tickets in the ROK, while the remaining 23 bought tickets in China.

None of the 21 passengers (including 4 foreigners) who bought tickets in Beijing had air passenger accident insurance policies. Whether the two passengers who bought tickets in Yanji city in Jinlin province had insurance policies is still under investigation.

One of the air-hostesses on board bought health insurance in 1998. The New China Life Insurance Company has sent compensation to family members of the victim.

The People's Insurance Company of China (PICC) which is responsible for Air China's aircraft, has started accident procedures and selected a team to head for Pusan.

The premium for the aircraft is 21.61 million US dollars. PICC will compensate over 3 million US dollars because the plane has been confirmed as totally destroyed.

On April 16, PICC paid out 2 million US dollars to Air China. China Reinsurance Company will pay out 4.32 million US dollars.

Other insurance companies are still investigating. China Pacific Insurance Company confirmed that one of the crew members was the policy-holder of its house loan insurance. The company paid out 164,000 yuan to the victim's family members.

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