At an executive meeting of the State Council under his leadership, Prime Minister Li Keqiang called for the insurance sector in China to be improved. On the one hand, the range of insurance and insurance coverage should be expanded, and on the other hand, the participation of insurance companies in the financing of important infrastructure projects should be increased.
A social worker helps an elderly patient treat online insurance at a hospital in Anqing, east China’s Anhui Province, in July 2020.
China will take a number of policy measures to promote the size and quality of its personal insurance sector and facilitate its steady development to meet the diverse needs of the public. This is the decision of the Executive Session of the State Council chaired by Prime Minister Li Keqiang on Wednesday.
“The personal insurance sector in China has made remarkable strides in recent years, with insurance coverage steadily expanding and public awareness of risk steadily increasing. Nevertheless, the level of development and coverage of the Chinese personal insurance sector remains modest. It also shows that China is a huge insurance market with enormous potential, “said Li.
The participants in the meeting emphasized the need to accelerate the development of commercial insurance. Commercial health insurance products that meet the needs and solvency of older people, for example, are to be increasingly developed in the future. The insurance companies are also encouraged to include medical costs that are within reasonable limits but are still outside the catalog of basic medical insurance.
“More types of critical illness insurance will be supported and aligned with the basic medical insurance system as a complement to improve critical illness coverage for urban and rural residents,” Li said. “The opening will be expanded in an orderly manner and strengthened international cooperation to promote the development of health insurance and offer better services. “
Commercial endowment insurance (also known as endowment insurance), which serves as the third pillar of the Chinese pension system, is to be subjected to uniform standards and regulations and its development increased. Endowment insurance that is easy to use, flexible payment and relatively stable income is to be promoted more.
“Commercial endowment insurance will be vigorously developed. In recent years, new industries and new business models have emerged as China deepens the reform of government functions and promotes entrepreneurial and innovative activities nationwide, “Li announced.” Appropriate supplementary endowment insurance should be developed to meet the needs of the people working in these industries [den oben genannten] work, as well as the people in flexible employment to meet to ensure a more reliable guarantee for the future. you [die Versicherungen] will help to maintain existing jobs and create new jobs. This is an important task and there will be breakthroughs in it, “he added.
Long-term investment opportunities are also to be improved, monitoring of assets and liabilities is to be strengthened, and risk prevention and control are to be intensified. The insurance sector is also encouraged to help finance major construction projects such as infrastructure and novel urbanization projects to further enhance its role as the engine of the real economy.
“Risk prevention and control must be continuously improved in order to prevent the speculative use of insurance funds. Greater efforts will be made to address the difficulties of settling insurance claims and attract more people to participate in insurance plans, “Li promised.
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