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).