China: 40 mln have a long-term life insurance policy

27 Sep 2016

Among China's 1.37-billion population, the number of people who have bought long-term life insurance stands at around 40 million only, according to Mr Huang Hong, a CIRC Vice Chairman.

Mr Huang, speaking at a life insurance forum earlier this month, said that since last year, CIRC had commissioned China Insurance Information Technology Management Co to register insurance policies issued by all insurers in China. He said that the number of policies recorded so far totalled 1.4 billion, reported the Securities Times.

“But why are there 1.4 billion policies? Because the majority of policies are short-term, and they are in particular short-term accident insurance policies," Mr Huang said.

He said: “In market-oriented countries, one person would have at least one insurance policy, or two or three long-term life insurance policies. But in China, not more than 50 million people have such a cover.”

 

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