BEIJING: China will adopt a host of policy steps to promote the scale and quality of the personal insurance sector and facilitate its steady development, to meet people’s diverse needs, the State Council’s executive meeting chaired by Premier Li Keqiang decided on Wednesday.
It was agreed at the Wednesday meeting that further improving financial services and promoting the development of personal insurance is conducive to better serving people’s essential needs and facilitating economic and social development.
China’s personal insurance has seen sound and fast development in recent years with commercial personal insurance reaching a considerable coverage nationwide, yet problems such as insufficient supply and low level of protection still exist, said the meeting. “The personal insurance sector in China has made notable progress in recent years, with insurance coverage continuously expanding and public awareness of risks steadily increasing. That said, the sophistication and coverage of China’s personal insurance sector remain modest. This also indicates that China is a huge insurance market with enormous potential,” Li said.
Attendees at the meeting emphasized the need to deepen reform and opening-up of the insurance sector, with a focus on optimizing supply and providing high-quality personal-insurance products, to meet people’s needs for health, old-age support and safety protection.
The development of commercial insurance shall be stepped up. Commercial medical insurance products that suit the needs and paying capacity of the elderly shall be developed. –PNP
