Insurance firms in China roll out $1.28t insurance policy to fight COVID-19 epidemic

Source:Global Times Published: 2020/2/15 15:01:58

Photo: IC

A total of 74 insurance companies in China gifted medical staff, their family members and disease control and prevention personnel with accident insurance and term-life insurance amounting to total coverage of 9 trillion yuan ($1.28 trillion).

Liang Tao, vice chairman of the China Banking and Insurance Regulatory Commission (CBIRC), said at a press conference on Saturday so far, 35 life insurance firms have extended the scope of coverage in over 400 insurance policies they sell to include deaths, disability and critical diseases caused by the COVID-19 novel coronavirus epidemic in addition to the endowment to medical staff. 

As of Friday, the outbreak claimed over 1,500 lives.

Liang said the country’s insurers could basically payout to clients on the day they file for compensation over losses caused by the deadly virus as the process of seeking compensation is now streamlined.

Liang said the restricted clauses, including a waiting period, deductible franchise, and restrictions on designated hospitals, were canceled in the wake of the nation’s fight against the virus.

The compensation-claim process also adopted a paperless policy out of hygienic concerns, Liang said.

CBIRC also banned insurers to roll out new policies exclusively for the novel coronavirus pneumonia, out of concerns over consumer rights infringement due to the pricing for the new disease.

Besides, on Saturday, the People’s Bank of China, the central bank, said it is asking banks and institutions across China to disinfect banknotes. Those from areas hit by the epidemic will be disinfected by ultraviolet rays or high temperature and quarantined for over 14 days before releasing for re-circulation. 

Chinese central bank’s Guangzhou branch in South China said it recycled banknotes from hospitals, wet markets, and buses and will be destroyed immediately.

Global Times


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