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The trail run is said to last three years in the Chinese regions like Guangdong Province and Chongqing municipality, where migrant workers will be insured against accidents and diseases. Afterwards, such services are expected to spread in the whole country.
PICC property & Casualty signed an agreement with the International Labor Organization (ILO) not long ago, when the ILO was set to facilitate the Chinese insurer's migrant-worker-oriented micro insurance business via subsidies and technical support.
In fact, many China-based insurance firms have put up their micro insurance products in the local rural market, including China Life Insurance Co., Ltd. (SHSE: 601628), China Pacific Insurance (Group) Co., Ltd., Taikang Life Insurance Co., Ltd., and New China Life Insurance Co., Ltd. By far, more than 6.1 million Chinese rural residents have bought personal micro insurance, involving premiums of CNY 140 million totally.
Source: www.cnstock.com (August 05, 2009)
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