国产热热热精品,亚洲视频久久】日韩,三级婷婷在线久久,99人妻精品视频,精品九热人人肉肉在线,AV东京热一区二区,91po在线视频观看,久久激情宗合,青青草黄色手机视频

Economy

Markets

Industries

Insights

Reports

Events

China Life most exposed to quake claims

(Agencies)
Updated: 2008-05-20 16:12

China's life insurers will be the most affected in the insurance sector after last week's earthquake, but losses for insurers in general will be limited because of relatively low penetration rates, with property insurers also limiting their earthquake coverage.

They added that life insurers could actually come out ahead because of greater awareness of the need for insurance after the quake, as well as premium hikes that usually come after events that trigger large payouts.

China Life should face the largest claims from the Sichuan quake, which so far has claimed 32,477 deaths and 220,109 injuries, solely because it has a 49 percent market share in the province, while Ping An, on the other hand, has but seven percent share.

However, data from the insurance regulator, life insurance uptake was only 2.02 percent by the end of 2006, with greater density in richer areas such as Chengdu, thus limiting insurers' losses.

Even though earthquake has caused property damage estimated to be as high as $20 billion, insurance coverage in the stricken areas is low while property and casualty also have restricted coverage for earthquakes.

PICC has indicated that it too has restricted coverage for earthquake-related losses, with reinsurance that it estimates will absorb 40-60 percent of losses, CLSA analyst Yuin Lim said.

According to Yuin, first-tier insurers generally trade well after a major disaster.

"This is due to anticipation of premium hikes (better-margin products) after large payouts," said Yuin.

"We also expect greater awareness of insurance, together with continued government subsidies to drive sales in the near term, which is beneficial especially for life insurers like China Life and Ping An."

At 2:55, China Life was down HK$0.65 ($0.08), or 1.95 percent, at HK$32.6, while Ping An was down HK$2.55, or 3.60 percent, at HK$68.15.

Property and casualty insurer PICC was down HK$0.21, or 3.01 percent, at HK$6.75.