Yang Chao, president of China Life Insurance Group Corporation, says that CLI will adopt all the orphans caused by the earthquake that hit Sichuan and other areas of China.
CLI says will undertake all the expenses of the orphans until they are 18 years old. The company says it is discussing details about this with the civil affairs agencies around China. As a result of the earthquake, CLI is facing the largest ever amount of compensation for policy holders. Yang said that the company had been fully prepared for the compensation and already prepaid RMB10 million to cover the policy holders' medical expenses.
By May 14, CLI's branches in Sichuan, Shaanxi, Chongqing, Yunnan and Gansu received a total of 150 reports on compensation, for which the company will need to pay about RMB134 million.
After the 7.8 magnitude earthquake hit Wenchuan, Sichuan Province, each of the insurance companies in China, including CLI, PICCP and Ping An Insurance, have initiated their own emergency measures to help deal with the aftermath.
