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Such business will be first launched in Shanghai, the financial hub of China, and by then, consumers in the city could buy life insurance products or property insurance products through either Cathay Life salespersons or Cathay Insurance salespersons. Insurance products they plan to roll out will include life insurance, accident insurance, medical insurance, pension insurance, health insurance, annuity insurance, vehicle insurance, home property insurance, employers' liability insurance and etc.
The business is significant as insurers could share marketing resources in personal life insurance, property insurance, group insurance and so on, said industry experts. It will be a trend for the CIRC to loose restrictions on their mutual agency business; however, the premise is to let related risk under control.
Source: www.nbd.com.cn (August 26, 2009)
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