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Insurance in China

The Chinese insurance market is among the largest world markets. The role of the state insurance company is defining, about 80% of cumulative collection of an insurance premium fall to its share. Nevertheless the insurance level of development in the country is still low - about $30 a year are made by the insurance premium having per capita. These premises given in total allow to predict high rates of development of insurance in China in the near future.

From history of the Chinese insurance

Through many centuries in China there are insurance associations which guarantee for known percent arrival to the destination of transported values. In some remote terrains, rare in China, but numerous in Mongolia and other areas, there are neither banks, nor large negotiators on whom it would be possible to give out the translations, and money should be sent in with threads, being exposed thus to big danger to fall a victim of thieves. These insurance associations, so-called "пиаотиен", pay known percent from their operations to thieves' gangs: the last give out insured in the form of the certificate a small banner which is borne by the leader of an escort and which serves as annunciator for robbers that here it isn't necessary to impose requirements; at the same time they give to a caravan some decisive people for protection against unorganized thieves.

In case of such precautions money safely comes to the destination, otherwise assotsition compensate them completely (Insurance Review log for 1906).

Economic reforms in an insurance sector of China were begun in 1995 by adoption of law about insurance and canceling of the state monopoly for insurance. Establishment of subsidiaries of foreign insurers in free economic zones was authorized: Shanghai, Kwangchow, Shenzhen, etc. Already now such international insurance companies as "Royal & Sun Allianze", AIG, have the right for sale of insurance services in China. In 2002 of 115 insurers from 17 countries of the world had in China of the 208 representations.

In China social insurance, in the mandatory form is developed. "By the law People's Republic of China on work" it is set that workers and the enterprises are obliged to participate in social insurance and regularly to pay insurance premiums. Social insurance is provided by five types: insurance of pensions (accumulative, financed by contributions of workers, the enterprises and state subsidies), insurance upon unemployment, social medical insurance, insurance upon operational injuries (only at the expense of insurance premiums of the employer), insurance on a case of the birth of children (financing of medical attendance for pregnancy and kinds and postnatal release for 90 days). Insurance on a case of the birth of children extends on all workers of the women who are reaching age for a marriage and not breaking a state policy of a plan child-bearing. It is necessary to mark that according to this policy to the families having one child, are paid monthly bonus on health care of children before execution to the child of 14 years.

Category: Insurance history in the different countries of the world | Added by: Chance23 (21.04.2014)
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