Regulator ends sale of smog-related insurance
China’s two biggest insurers have been told to stop selling smog-related insurance a week after they offered it.
The China Insurance Regulatory Commission called for an end to the haze-related products of PICC Property and Casualty Co Ltd. They started selling the polices on March 17. A day later, Ping An Insurance (Group) Co of China Ltd announced similar products, covering seven cities, including Beijing, Shanghai and Guangzhou. The premium for PICC’s products ranged from 78 yuan ($12) to 154 yuan, with an insurance period of a year.
Ping An Insurance partnered with Ctrip.com International Ltd, China’s largest online travel agency, to sell its air quality-related products to visitors and residents of those cities. (Photo 5)