Economic Observer Online
July 25, 2012
By Ouyang Xiaohong (欧阳晓红)
Translated by Zhu Na
Original article: [Chinese and Chinese]
 
The heavy rainfall that hit Beijing on July 21 caused extensive damage to crops and livestock throughout the rural areas that surround the capital, with damage especially severe in Fangshan and Tongzhou districts.

Insurance companies have already begun to asses the damage and in some cases have begun to make payments to clients.

In one example of the damage caused by the floods, half of the 33 acres of grape vines planted by the Agriculture, Industry and Commerce Economic Cooperatives of Xishimen Village, which is located in the township of Shidu in Fangshan, were washed away in the flood. These grape vines had been insured with the China Insurance Company (中华保险公司).

On the afternoon of July 24, the Agriculture, Industry and Commerce Economic Cooperatives of Xishimen Village received an initial payment of 300,000 yuan from the Fangshan Branch of China Insurance.

Other farms in the Fangshan townships of Qinglonghu (青龙湖镇) and Chengguan (城关镇) had insured a total of 526 acres of grape plantations with the Fangshan Branch of China Insurance, these vines also suffered differing degrees of damage in the heavy rain.

According to the most recent statistics published by the Beijing Bureau of China's Insurance Regulatory Commission, as of July 23, all the property insurance companies in Beijing had received almost 27,500 claims on their motor vehicle policies, with losses totaling an estimated 220 million yuan.

Claims of other damage covered by a seperate kind of property insurance, were also estimated to come to 200 million yuan, with just over 1,000 cases lodged so far.

About 47,000 acres of insured crops are said to have suffered damage, and almost 14,000 head of insured livestock were either injured, killed or are missing.

Losses to farming and livestock industries are estimated to have reached about 72 million yuan.