The Tibet Branch of the People's Insurance Company of China (PICC) Property and Casualty has paid claim settlements of 2.855 million yuan RMB to Xigaze victims affected by earthquake on Nov 8th.

The magnitude 5.6 earthquake has caused 4 counties including Ngamring, Sagya, Gyirong, Nylam, 11 townships, 60 administrative villages, 3,032 villagers and 500 houses damaged.

According to the insurance contract, the PICC Tibet Branch has to claim settlements of 3.52 million yuan RMB (515,000 dollars) and 1.65 million yuan RMB (241,580 dollars) to Lhunzhub County and Maizhokunggar County, respectively, said

"After the earthquake, our company sent staff to assess the loss and paid claim settlements of 2.855 million yuan RMB for local farmers and herdsmen in Ngamring and Sagya County." said Du Honghe, deputy manager of the branch.

Tenzin Wanggyai, head of Ngamring county said:" This earthquake caused great loss for all the county. But the 2.4 million yuan indemnity paid by Tibet Branch of the People's Insurance Company of China (PICC) reduced the financial burden of county and helps farmers and herdsmen overcome the difficulties."

The policy to instruct the grassroots-level governments to pay for 90 percent of the insurance premium for farmers and herders has covered 30 counties in Tibet, which benefits more rural people with agricultural insurance.