(Yicai) Aug. 31 -- The People’s Insurance Company of China, one of China’s largest insurance companies, has already paid out 60 percent of the compensation claims it received pertaining to the damage caused by Super Typhoon Doksuri that dumped record rainfall on northern China earlier this month.

PICC had made payments of CNY2.32 billion (USD318.8 million) as of Aug. 28 related to Typhoon Doksuri, Yu Ze, vice president of Chinese Insurance Group and president of PICC's unit PICC Property & Casualty Insurance, said at the Beijing-based firm’s earnings call yesterday. Car payouts were the fastest, with 98 percent paid, he added.

Losses resulting from Typhoon Doksuri amounted to CNY3.86 billion (USD530 million), and net losses after deducting reinsurance come to CNY2.74 billion. Of this, motor insurance claims amount to CNY990 million (USD135.8 million), non-motor insurance claims come to CNY970 million and agricultural insurance claims make up CNY780 million.

The impact of compensation payouts, including for the flooding in central Henan province in 2021 and this year’s Typhoon Doksuri, on PICC’s performance is manageable and the firm’s business objectives remain unchanged, Yu said.

PICC posted a 8.7 percent jump in net profit in the first half from a year ago to CNY19.8 billion (USD2.7 billion), according to the company’s semi-annual report published on Aug. 29. Income from insurance premiums soared 9.1 percent to CNY413.5 billion (USD56.7 billion).

For the property insurance business, its core subsidiary PICC Property & Casualty logged a 5 percent jump in net profit to CNY19.2 billion (USD2.6 billion), profit from underwriting climbed 6 percent to CNY8.1 billion, and revenue from insurance premiums soared 8.8 percent to CNY300.9 billion.

PICC’s share price [SHA:601319] closed down 1.1 percent today at CNY5.84 (USD0.80).

Editor: Kim Taylor