Insurance is a major business industry in China. The insurance business in the country has grown rapidly after the implementation of economic reform. China has opened its insurance market for oversees investment. The Chinese Insurance Regulatory Commission acts as the primary regulatory body in the insurance business in China.
China Health Insurance is being introduced by the China People’s Health Insurance Company Limited. Established in 1949, the company is headquartered in Beijing and pioneers health insurance plans in the mainland of China for the first time. Offering mostly all types of coverage, the company initiates different affordable insurance schemes for accidental, health preventive products and other services namely disease-specific insurance plans, medical expense insurance and defined benefit insurance, joint life and universal products, etc. The registered capital of China People’s Health Insurance Company is about one billion yuan. It is the country’s largest with foreign and domestic companies having considerable stakes in the company’s share.
There are three kinds of health insurance for:
General medical treatment
Other serious diseases
Post economic and social change in 1978, China has come up with health insurance plans for :
Urban population, protected by government health insurance policies
Rural cooperative health insurance plans that reached a peak of 90% coverage.
Community-based health insurance for poor rural China
China has also introduced Open Medical Insurance from foreign companies. Together with Domestic Health Insurance companies, foreign companies cover the following areas:
Policy Maximum per Individual Hospitalization – Semi-private room and board , Nursing services , Prescription medication , Physician charges , Diagnostic and laboratory testing , X-rays , Chemotherapy and radiation , Durable medical equipment , Treatment, services and supplies routinely provided
Intensive Care Unit Surgery, Transplantation, Outpatient, Emergencies.
Emergency Transportation by Ground Ambulance and Emergency Medical Evacuation
Complementary Medicine and preventions like Acupuncture, Aroma Therapy, Herbal Therapy, Magnetic Therapy, Massage Therapy and Vitamin Therapy.
Miscellaneous – Chiropractor when referred by a physician , Radiation treatment , Home nursing care , Hospice care , Physical therapy , Prosthetic devices.
Insurance Companies In China
Leading insurance companies including both life and non-life insurance on the basis of gross written premiums are as follows:
Life Insurance Companies In China are :
China Life Insurance
China Pacific Life Insurance
New China Life Insurancea
Taikang Life Insurance
Minsheng Life Insurance
Non-Life Insurance Companies In China are :
China Pacific Property Insurance
China United Property Insurance
China Continent Insurance
Hua Tai Insurance
Sinosafe General Insurance
Last Updated on : 26th August 2013