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Quake ups insurance demand

By Hu Yuanyuan (China Daily)
Updated: 2008-05-27 09:39

Related publication:

Related readings:  Earthquake wake-up call for reinsurance use  Catastrophe insurance system urged  Disaster claims to reach $43m - insurers

Zheng Xiao, a 53-year-old insurance agent with China Life, has been overworking for two weeks, as the number of consultation calls about insurance products jumped by nearly 40 percent since the May 12 earthquake.

"I've had to charge my mobile phone every day and bring a spare battery to work with me, because I've been getting so many calls since the quake," she said. "Most of the enquiries are about accident insurance, and 90 percent of the callers decide to buy policies after the call."

Zheng said the past two weeks have been the busiest in her 15-year insurance career.

"Because of insurance companies' timely payments after the earthquake, many more people now better understand the importance of buying insurance," Zheng added.

By May 25, China's insurance companies had paid out 92.3 million yuan ($13.3 million) for 202,000 claims. Of these, 64.9 million yuan went to life insurance and 27.4 million yuan went to property and causalty insurance, the China Insurance Regulatory Commission figures show.

Businessman Lin Qiang, 32, is among those who have come to understand the importance of insurance since the disaster.

Workers fix signs of an insurance firm in Nanjing. [China Daily]

"There were several insurance agents calling me to buy policies before the quake, but I usually hung up on them as soon as I found out what they wanted, because I wasn't impressed by what they had to say," Lin said.

"But now, I believe I need a policy to at least provide accident coverage. This is a responsibility I have to my family."

However, the quake has not only impacted the way the public views insurance policies but also, it has affected the mindsets of insurance firms' staff.

PICC Life Insurance Co Vice-President Lan Yadong said that he breathed a sigh of relief when he handed over a 200,000-yuan payment to a hospitalized, 11-year-old quake orphan.

"At least we could help ease her financial plight to some extent," Lan said.

Experts said that as a growing number of Chinese look into insurance, they should pay close attention to the details of what the policies cover.

A staff member of 95518, PICC Property and Casualty Insurance Co's customer service hotline, surnamed Yuan said: "Since the Sichuan earthquake, there have been more calls about relevant insurance policies, and particularly about household property insurance."

However, earthquakes aren't currently covered by household property insurance, while those buying commercial property insurance must also purchase an independent rider to cover earthquake risks, Yuan explained, adding most life insurance policies cover quakes.