Ping An provides support for victims of Jiuzhaigou earthquake

Ping An provides support for victims of Jiuzhaigou earthquake

Ping An provides support for victims of Jiuzhaigou earthquake Ping An Insurance Group has launched an emergency initiative for the area affected by the magnitude-7 earthquake that hit Jiuzhaigou County in southwestern China’s Sichuan province on Tuesday night.

According to the group, it will waive and extend the payment of premiums in areas affected by the quake, as well as speeding up the settlement of claims, to help affected residents restore their lives and health more quickly.

In a press release, Ping An Group said that it was doing its best to ensure the safety of its staff in the disaster area and was focusing its efforts in the critical 72 hours following the disaster.

Its subsidiaries – Ping An Life, Ping An Health, and Ping An Casualty – will spearhead the assistance efforts. For life insurance, affected customers will be exempted from paying the interest of the policy for one year, and the interest and the resumption cost will also be waived once the policy resumes. Renewal charges for life insurance policies will be waived for children who lost their parents in the catastrophe.

Meanwhile, Ping An Health will exempt RMB100,000 deductible from its policies, and renewal charges will be waived for the next year. Ping An Casualty will provide free support and free shuttle service for owners of vehicles damaged in the quake.

The group’s other subsidiaries, such as Ping An Annuity, Ping An Bank and Ping An Securities, have all extended their support by granting extensions of premium payment periods or deferred payment due dates. The group has also deployed 2000 of its staff to accommodate the needs of the affected customers and a temporary service point has been set up in the affected area.


Related stories:
RMS releases new storm and earthquake risk models for APAC
Reinsurer unveils pioneering catastrophe research facility in China
China to form earthquake insurance system