The China Banking and Insurance Regulatory Commission activated an emergency response following a 6.8 magnitude earthquake in Dingri County, Shigatse City, Tibet, directing banks and insurers to support earthquake relief and ensure continuity of basic financial services. The regulator called for increased claims payments and advance payments, alongside streamlined service arrangements for affected customers. A frontline working group was dispatched by the Tibet regulator to guide local institutions in opening “green channels”, simplifying documentation and processes, and prioritising rapid settlement and reasonable pre-payment of claims. Financial services in the disaster area have been restored in an orderly manner, with the Agricultural Bank of China reporting that all 33 outlets across Dingri County and four nearby severely affected counties had resumed operations. PICC Property and Casualty and Zhufeng Property and Casualty reported total paid and pre-paid claims of CNY 36.16 million, including CNY 13.86 million for full payouts under accident insurance covering 126 deceased individuals, motor insurance payments on 40 of 46 reported claims totalling CNY 650,000, and CNY 20 million in pre-payments under rural housing insurance. The commission will continue to guide the banking and insurance sectors on disaster-related claims handling and other financial services to support relief efforts and post-disaster recovery and reconstruction.
China Banking and Insurance Regulatory Commission 2025-01-10
China Banking and Insurance Regulatory Commission activates emergency response and orders faster payouts after Tibet 6.8 magnitude earthquake
The China Banking and Insurance Regulatory Commission activated an emergency response after a 6.8 magnitude earthquake in Dingri County, Tibet, directing banks and insurers to support relief efforts and maintain financial services. A working group was dispatched to facilitate claims processing and service restoration, with the Agricultural Bank of China resuming operations in affected areas. Total claims paid and pre-paid by PICC Property and Casualty and Zhufeng Property and Casualty reached CNY 36.16 million, including accident and motor insurance payouts.