x

China pushes for cheaper health insurance products to battle virus

China pushes for cheaper health insurance products to battle virus

Insurance
Hong Kong/Beijing, Feb. 13, 2020  China is nudging insurers to work on cheaper medical cover linked to the coronavirus and is assuring them of fast-track approval for these new products.

The move will mark a shift in the Chinese insurance market where the bulk of existing products are essentially investment schemes and pure healthcare coverage accounts for only about a fifth of the total life insurance premium.

According to their websites, China Life (601628.SS), China Pacific Insurance (2601.HK), Ping An Insurance Group (601318.SS) and Zhong An Online P&C Insurance Co (6060.HK), among others, have included coverage for the virus in their existing medical insurance products.

At least half a dozen more are in the process of requesting approval for products with coronavirus coverage in the coming weeks, said the people, declining to be named as they were not authorised to speak to the media.

The scramble comes as the Chinese province of Hubei, at the epicenter of the outbreak, reported a record surge in the death toll on Thursday.

However, the global health experts warned that the epidemic could get far worse before it is brought under control.

China’s Banking and Insurance Regulator (CBIRC) have adjusted actuary rules for healthcare, accident and life insurance as well annuity insurance, which will help lower premiums for such insurance by 3% to 5%.

The sources said the lower premiums and push for cheaper, basic medical cover, were largely prompted by the need to deal with treatment for those who may get infected by the coronavirus.

CBIRC did not respond to Reuters request for comment.

Hot this week

Editors Urge Government To Create Safe, Enabling Environment For Journalists

· Ask security agents to find missing Vanguard journalistAs...

EXCLUSIVE: Buhari orders probe of Isa Funtua, AMCON over keystone and Etisalat

Following the controversy generated by the leading opposition party,...

6 Signs your boyfriend thinks you are ugly -Take note of No. 2

They say there are three kinds of people; the...

2023: South-East, Middle Belt Forum Endorses Peter Obi

The South-East and Middle Belt Forum has endorsed the...

A’Ibom HIV/AIDS Anti-Stigma Bill awaiting Governor’s assent –

By Ogenyi Ogenyi,UyoA Bill aimed at protecting people living...

Twelve Years of APC March and a Loyal Soldier: The Story of Elton Onwu

By Emameh GabrielThere are politicians, and then there are...

Groups hail Kyari’s NNPCL achievements, dismiss ‘politically-engineered protests’

Coalition Of Civil Society Organisations In Nigeria (COCSON) and...

Wike To Summon Area Council Chairmen Over Non – Payment of Teachers Salaries

By Joyce Remi-BabayejuThe FCT Minister, Barr. Nysome Wike on...

Why Delta Governor, Oborevwori, other stakeholders, defect to APC 

By Anne Azuka In a massive political realignment that reverberated...

OPSH foils attack on Teegbe village of Bassa LGA , neutralises armed robbers in Plateau

By Isreal Adamu,Jos Troops of Operation Safe Haven  deployed to...

FG To Support Benue Govt Towards Tackling Insecurity As Death Toll Now 73 In Recent Attacks 

By Isaac Kertyo, Makurdi President Bola Ahmed Tinubu, has assured...
spot_img

Related Articles

Popular Categories

spot_imgspot_img