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China: Insurance claims from SK Hynix factory fire may reach $900 million

December 20, 2013 - 6:00am


The recent fire at SK Hynix Inc.'s semiconductors factory in Wuxi, China, caused losses worth an estimated $1 billion, and insurance claims related to the losses are likely to reach $900 million, Hexun.com reported.

The estimated insurance loss from the fire – which broke out in September – includes around $600 million in equipment loss and around $200 million in losses related to business interruption. Insurers likely to be affected include China Pacific Property Insurance Co. Ltd. and The People’s Insurance Co. of China Ltd., among others.

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