China's insurer pays for Tibet's earthquake damage

A Chinese insurance company paid on Sunday for houses in Tibet damaged or destroyed by April's earthquake in neighboring Nepal, the biggest insurance claim in the region's history.

The People's Insurance Company (Group) of China Limited (PICC) has paid 243 million yuan (about 40 million U.S. dollars) to Tibetan farmers and herdsmen whose houses were damaged when the 8.1-magnitude earthquake struck in April, said Chairman of PICC Wu Yan.

The earthquake destroyed tens of thousands of houses and monasteries in Tibet.

The company has set up six claim centers at the region. Over the past three months, they have assessed the losses of nearly 37,000 Tibetan people, Wu said.