The fierce storms battering the mainland are also slowing operations and cutting into the profitability of key industries such as airlines and the steel sector, according to reports by analysts and individual companies.
According to the China Insurance Regulatory Commission, mainland insurers had received 130,000 claims by the end of last month.
PICC Property and Casualty, one of the largest insurance firms, said yesterday the company had paid more than 100 million yuan to settle claims from its customers.
'It's difficult to make a general conclusion about the impact of the snowstorms on mainland companies,' said Wong Chi-man, an analyst at Piper Jaffray Asia. 'They involve various industries and geographical locations.'
Three state-owned airlines yesterday also claimed they would suffer from the disastrous weather due to cancelled flights.
China Southern Airlines, the nation's largest carrier, based in Guangzhou, said the country's worst snowstorms would cost it at least 100 million yuan.