With the eighth annual National Insurance Awareness Day falling on July 8, China Re Group, a State-owned reinsurer, is promoting the event via a variety of activities conveying the positive philosophy of reinsurance.
Themed “walk together, we are together”, China Re has published short videos of healthy exercises and introductions of five key insurance factors online, and launched docking projects for alleviating poverty.
As a major force in the country’s reinsurance business, China Re is carrying out its promise of ensuring a good life for the people and is taking an active role in the country’s construction of the Healthy China 2030 plan, as well as efforts in poverty alleviation and the fight against the COVID-19 pandemic.
With the advantages of data and technology, the group has developed a series of products aimed at providing clients with packaged and tailor-made solutions.
In 2017, China Re launched targeted poverty alleviation with insurance.
During the same year, it donated a total of 2.8 billion yuan ($339.26 million) in insurance products for disadvantaged households. From 2017 to 2019, it paid out 5,326 insurance claims, with compensation of 16.7 million yuan, according to the group.
Last year, China Re upgraded its insurance poverty alleviation model by promoting the development of the lamian (hand-pulled noodles) industry and implementing other targeted measures in a bid to create a sustainable aid model that can prevent people slipping back into poverty and facilitate local development.
The group helped Xunhua Salar autonomous county in Qinghai province to escape poverty in 2018.
In the wake of the COVID-19 outbreak, China Continent Insurance Company (CCIC), a subsidiary of China Re, has capitalized insurance support in provinces including Zhejiang, Hebei, Henan, Jiangxi, Gansu, and Qinghai to promote its products for safeguarding the hard-won outcome of poverty alleviation, and has increased pandemic-related accident coverage free of charge.
By the end of May, more than 700,000 people have benefited from CCIC’s insurance coverage, with the total compensation surpassing 6 million yuan, according to China Re.
CCIC has also launched insurance for work resumption and is expected to give it to about 1.1 million migrant workers returning to work, with the total coverage of 275 billion yuan.
Since the virus outbreak, China Re has donated 10 million yuan to help fight the pandemic.
With expertise in the insurance and reinsurance sector, China Re has planned a guideline to provide clients with inquiries about the COVID-19 related insurance.
It has also teamed up with direct insurers to develop engineering insurance to protect shutdown costs due to public health events. The insurance covers more than 1,000 engineering bid sections or construction sites.
In addition, the group has also conducted measures to help work resumption, such as offering reinsurance for the country’s first insurance product specifically designed for work resumption of employees with flexible employment, and providing exclusive insurance plans for different sectors ranging from work resumption and medical staff to ICU patients.
It was designated as the largest reinsurer of the insurance project for the work resumption of companies in Hainan province.
To help safeguard overseas Chinese students, China Re has also launched a medical insurance product for them, the group said.