Editorial Summary

Insurance companies led Wednesday's market downward due to the millions in compensation fees paid out after recent snowy weather in many parts of China. The snowstorm had led to economic losses of RMB32.7 billion in 17 provinces in China and RMB3.5 billion paid in insurance compensation as of January 31, reports the Economic Observer quoting China Insurance Regulatory Commission (CIRC) chairman Wu Dingfu.

Shares of Ping An Insurance (601318.SH; 2318.HK) and China Life Insurance (China Life) (601628.SH; 2628.HK; NYSE: LFC) fell 7.13 percent and 5.55 percent to close at RMB71.92 and RMB40.2, respectively, on Wednesday in Shanghai.