Source: Trading Markets.

Original news wire available here.

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BEIJING, August 14 – Top Chinese life insurer China Life Insurance Co., Ltd. unveiled its micro-insurance pilot program on August 12.

Its micro-insurance products, including four personal insurance products, three group insurance products and two micro-loan products, will be first launched in nine provinces, including Gansu and Heilongjiang, in mid August and then other provinces and regions across the country.

As a part of micro-finance, micro-insurance is proved to have played a significant role in helping people, especially those who live in rural areas in developing countries, run out of poverty.

In order to boost micro-insurance in China, the China Insurance Regulatory Commission (CIRC), the top Chinese insurance regulator, set up an expert team focusing on micro-insurance development in the country in May 2007. The CIRC will try its utmost to support China Life’s micro-insurance pilot program in aspects like supervision fee, sales channels and assumed interest rate.