China to Innovate Aviation Accident Insurance Products

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Last updated at: (Beijing Time) Friday, December 20, 2002

China to Innovate Aviation Accident Insurance Products

China will innovate aviation accident insurance products beginning next year, sources with the China Insurance Regulatory Commission (CIRC) said Thursday.

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China will innovate aviation accident insurance products beginning next year, sources with the China Insurance Regulatory Commission (CIRC) said Thursday.

Following years of research, the CIRC has concluded that the time has come to innovate aviation accident insurance products, said Wang Zhichao, an official with the CIRC.

The CIRC has promoted a series of innovation measures and is now ready to survey public opinion.

Beginning next year, property insurance companies will also bepermitted to sell aviation accident insurance products in accordance with the revised Insurance Law which will be in force beginning January 1, 2003.

Insurance companies will be able to adopt the guiding terms and fee rates of the CIRC, or of the Insurance Association or jointly formulate fee rates.

Beginning next year, the sales of aviation accident insurance policies will be computerized. The work is currently done manually.

Aviation accident insurance terms, customers' names, flight numbers and beneficiaries' names will appear on every policy.

Wang said that the CIRC is encouraging the sale of policies through automatic machines in airports, and is also urging insurance companies to develop regular aviation insurance products.

The existing aviation accident insurance has a standard term, fee rate and policy.

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