China Life has received the regulatory approval to expand its microinsurance pilot to five more Chinese provinces. They say they want to achieve US$38m in microinsurance premium income in 2010. The microinsurance pilot can now be operated in Jiangsu, Zhejiang, Hunan, Xinjiang and Tibet, according to the China Insurance Regulatory Commission.
While this pilot is for life insurance products the aim has always been to follow on with other types of insurance such as crop and weather index insurance, according to sources in China. China has a huge market for these products and the potential premium income for the companies who introduce new microinsurance products to rural regions could be huge.
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