China drafts tables to improve accident insurance pricing

The tables aim to weed out products with low compensation rates.

The China Association of Actuaries, the Insurance Association of China, and China Banking and Insurance Technology Information Management have drafted accident tables in a bid to boost accident insurance pricing, according to media reports.

The tables aim to weed out products with low compensation rates, high channel costs and unreasonable pricing, in addition to having more clear pricing of accident insurance policies.

The tables cover factors such as age, gender, and occupation, and provide more analysis of medical treatment due to accidents, rural small accidents, and accidents involving borrowers, amongst others.

It is hoped that the data will support product innovation, with the three firms compiling data since March under the watch of the China Banking and Insurance Regulatory Commission (CBIRC).

Also Read

India's insurtech revenue grows 12-fold to $750m over five years

Protection and indemnity combined ratio drops to 96% in 2023/24

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit