Date
21 August 2017
Insurance will help drive upgrades in sectors such as agriculture: Photo: Bloomberg
Insurance will help drive upgrades in sectors such as agriculture: Photo: Bloomberg

Premier unveils new cornerstones for insurance

China will promote a range of industrial and social insurance schemes as part of a five-pronged policy approach to overhaul insurance services, the 21st Century Business Herald reported Thursday.  

The five policies build on a batch of 10 rolled out in 2006 and were unveiled by Premier Li Keqiang at a State Council meeting on Wednesday, the report said.

Wang He, executive director of PICC Property and Casualty Company Ltd., said the policies reflect the industry’s role as an essential tool for reform in various sectors, including elderly care, health care, agriculture, technology and the environment.

Guo Jinlong, from the Chinese Academy of Social Sciences, said the State Council explicitly said commercial insurance will underpin the mainland’s social security system.

The new official directives will support development of various forms of coverage, including disaster and accident insurance. Insurance will also be used to drive upgrades in industries such as agriculture.

New insurance schemes can also be used to improve public services relating to areas such as food safety, medical liability and environmental impact.

The policies will also encourage new players to get into the insurance industry and poor service providers to be forced out, the report said.

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