Regulator asks industry to address insurance claims in flood-hit regions

The National Financial Regulatory Administration has issued a notice urging its local branches and the insurance industry to thoroughly implement duties regarding flood relief and insurance claim services.

Local branches are required to guide insurance companies under their jurisdiction to make detailed measures to address insurance claims. The branches and the insurance industry players should work hard so that more than 30 percent of compensations and pre-compensation are paid within a week. The rate for auto insurance programs is expected to be more than 90 percent by the end of the month, the notice said. 

It also asked insurance institutions to increase pre-compensation coverage for insured such as low-income groups, new citizens, and small and micro enterprises.

Besides, the notice has instructed insurance institutions to enhance communication with local governments, and offer efficient claim services through making fast and accurate predictions and preparations, utilizing high-tech instruments and optimizing work procedures.

liuzhihua@chinadaily.com.cn