China Post Life Launches Rural Individual Life Microinsurance Pilot Program

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Mar 2010
Hong Kong, March, 16 2010 - China Post Life Insurance Co. Ltd. won approval to start a pilot program for rural individual life microinsurance, said the China Insurance Regulatory Commission.

The Beijing-based insurer will be required to coordinate with domestic insurance regulators to decide which rural districts are suitable to run the trial program, according to the CIRC.

Under the pilot program, China Post Life is allowed to provide three trial lines, including term life insurance, rural migrant workers' accident injury insurance and micro-credit accident injury insurance, said the regulator.

China Post Life will aim for a successful rural individual life microinsurance model, and will look to expand the model to other districts to increase the insurance coverage with "low-priced and convenience and speedy" insurance services to rural residents, the CIRC said.

China Post Life is a national life insurance company jointly formed by China Post Group and 20 domestic post offices in August 2009, with registered capital of 500 million yuan (US$73 million).

The company said it will focus on "rural and rural migrant workers' markets," providing life, health and accident injury insurance, as well as offering reinsurance businesses for those lines and other regulator-approved businesses.

China Post Life can rely on China Post's specific advantages of courier and logistics services to reach the lower-income groups through the 57,000 networks of the post office in China, the CIRC said.

At the end of 2009, China Post Life had total cumulative original premium income of more than 5.11 million yuan, according to the regulator.



 

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