According to Xinhua’s news on July 26, the compensation standard of “7-23” Yongwen serious railway crash is 500,000 yuan per for every victim.
However, the 500,000 yuan compensation included passengers’ insurance, which is passive to buy. 2% of the ticket price is “compulsory personal accident insurance”.
From 1999 to 2010, the Ministry of Railways received “”compulsory personal accident insurance” up to 16.875 billion yuan, which is based on the Ministry of Railways’ annual report.
The fees are difficult to calculate from 1951, the year that “Railway passengers compulsory accident insurance regulations” is implemented.
Compared to the charge, the total compensation of the Ministry of Railways can be described as a single hair out of nine ox hides. However, every single insurance compensation standard is only 20,000 yuan.
Furthermore, according to multi-party verification, the insurance fees were included in the Ministry of Railways’ transportation income, and didn’t transfer to an insurance company.
Translated and edited by Ma Xin
Ma Xin is an editor of M4.cn and can be reached at email@example.com