[Commentary] On December 16, the State Council Information Office held a regular briefing on the State Council’s policies.
Huang Hong, vice chairman of the China Banking and Insurance Regulatory Commission, introduced at the meeting that China is already the world's second largest insurance market, with 90 legal person institutions for personal insurance, nearly 600 million insured persons, and 42.7% of commercial life insurance coverage.
[Concurrent] Huang Hong, Vice Chairman of China Banking and Insurance Regulatory Commission
my country is already the world's second largest insurance market, with 90 legal person institutions for personal insurance.
From January to November this year, life insurance premium income reached 3.1 trillion yuan, accounting for 74.1% of the insurance industry’s total premium income, a year-on-year increase of 7.4%.
At present, 300 million people in my country purchase long-term life insurance policies, and nearly 600 million people are insured. The coverage of commercial life insurance reaches 42.7%, and the total risk protection exceeds 1,000 trillion yuan.
[Explanation] According to reports, in the first three quarters, serious illness insurance for urban and rural residents covered more than 1 billion urban and rural residents, and the actual reimbursement ratio of patients participating in serious illness insurance increased by an average of 14%, which effectively reduced the economic burden of the people.
Huang Hong said that the China Banking and Insurance Regulatory Commission and relevant departments are currently studying the inclusion of non-listed expenses into the serious illness insurance undertaken by commercial insurance companies.
[Concurrent] Huang Hong, Vice Chairman of China Banking and Insurance Regulatory Commission
We are also studying this issue now, which is to include part of the (expenses) not included in the catalogue into the serious illness insurance undertaken by commercial insurance companies, so that the common people will not increase a penny.
Once the insured person has a serious illness, high medical expenses are formed, mainly the medical expenses outside the list, so that the insurance company can reimburse in accordance with the insurance contract, which can greatly reduce the list of these insured persons due to serious illness The burden of out-of-pocket medical expenses.
[Explanation] China has entered an aging society since 2000, and the current population of elderly people over 60 has reached 176 million. Therefore, long-term care insurance is a current hot topic.
According to Chen Yingdong, director of the Life Insurance Supervision Department of the China Banking and Insurance Regulatory Commission, as of the end of 2019, 358,000 people have enjoyed long-term care treatment.
[Concurrent] Chen Yingdong, Director of the Personal Insurance Supervision Department of the China Banking and Insurance Regulatory Commission
As of the end of 2019, 14 insurance companies across the country have participated in long-term care insurance projects in 35 cities in 15 provinces across the country, covering more than 50 million people and providing long-term care treatment for 358,000 people.
We will strengthen communication and cooperation with the National Medical Insurance Administration, support insurance companies to actively participate in the pilot program of long-term care insurance, and contribute to the industry's efforts to meet the challenges of aging.
Reporter Liu Xuanting reports from Beijing
Editor in charge: [Liu Xian]