China Needs to Raise Insurance Consciousness Among Children: Expert

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Last updated at: (Beijing Time) Thursday, September 19, 2002

China Needs to Raise Insurance Consciousness Among Children: Expert

China is in urgent need of enhancing insurance awareness among children, Timothy Chen, president and CEO of Sun Life Everbright Life Insurance Company, has urged.

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China is in urgent need of enhancing insurance awareness among children, Timothy Chen, president and CEO of Sun Life Everbright Life Insurance Company, has urged.

He acknowledged that a large portion of those wounded and dead victims in accidents in China did not buy insurance policies even if they could afford them.

Many elementary and high schools in foreign countries have begun sociology courses which teach banking and insurance knowledge. These courses have proved to be quite successful for the financial education of the young generation.

Insurance consciousness is greatly influenced by the nation's traditions, social productivity, economic system, and the development of insurance firms, which take time to foster and develop, Chen said. The further growth of a market economy will greatly intensify the insurance consciousness of the public.

Insurance firms should improve their management so as to gain a better image through quality service, and insurance agents should also foster the insurance consciousness among the people in general.

The expert said the Chinese insurance business, which is quite new, calls for promotion of life-long learning.

Set up in Tianjin in April this year, Sun Life Everbright was the first joint-venture life insurance company in the northern China, which has so far trained more than 2,000 agents and sold over 10,000 policies.

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