CBIRC Issues Draft Opinions to Drive Growth of Inclusive Insurance in China

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The China Banking and Insurance Regulatory Commission (CBIRC) has issued the draft version of new regulations to expedite the growth and penetration of the Chinese insurance sector.

CBIRC recently issued the draft version of the “Guidance Opinions Concerning Driving the High-quality Growth of Inclusive Insurance” (关于推进普惠保险高质量发展的指导意见(征求意见稿)), according to reports from state-owned media.

The Opinions state that “the focus for the development of inclusive insurance at present will be raising the level of protection for rural people and low-income urban groups; expanding the strength of protections for designated risk groups including the elderly, women, children, the disabled, people with chronic illnesses, special occupations and new urbanites; and raising the risk resistance capability of micro-and-small enterprises, individual industrial and commercial proprietors and new-model agricultural business entities.”

By 2025, the Opinions set the goals of:

  • A more complete high-quality growth system for inclusive insurance.
  • Continuous expansion of the scope of protection and coverage.
  • A more diverse product system.
  • Continued increase in average levels of protection.
  • Effective improvements to the convenience and levels of satisfaction of services.
  • The basic establishment of inclusive insurance policy systems, service standards and assessment systems.
  • Marked improvements to the inclusive insurance development environment.
  • More complete mechanisms for the protection of consumers.
  • In-depth development of insurance education.