Beijing storm insurance losses top $78.7m

BEIJING - The severe storm that pelted Beijing last Saturday has caused an estimated 500 million yuan ($78.7 million) in insured losses, the city's insurance regulatory commission said Thursday.

Losses reported by the end of Tuesday included 260 million yuan in auto insurance and 270 million yuan in assets insurance, the commission said.

The heaviest storm in six decades ravaged the Chinese capital on Saturday, killing at least 77 people and causing over 10 billion yuan in direct economic losses, according to the municipal government. More than 1.9 million people were affected by the rainstorm and ensuing floods.

A spokesman with Beijing's insurance association had previously said that as the city's official salvage vehicles could not cope with the scale of the disasters, many insurance companies allowed car owners to arrange their own salvage work and covered the expenses.