This is such a positive move one can’t help but pay attention. Worldwide, the growth of dread disease insurance products (and similar policies such as mini-medical, vision care, etc.) is THE growth segment for the private insurance sector. Even in the west.
But the real target markets are China, India and Brazil….Why? These are low cost financial products, actively promoted by governments and NGOs, they boost overall savings rates, and add greatly to societal wealth at nominal cost.
These types of policies will begin to show up as value-adds to bank card customers, work place benefits, and as additional selling points to low value life insurance products.
Along with the legislative activity in the countries listed here, look to dread disease policies to gain momentum in all of Europe – east, south, and Western Europe.
These policies will go a long way in helping the world’s challenges with old age funding ……HK
Dread diseases defined for insurers
By Zhang Fengming (Shanghai Daily)
Insurers in China will have to follow industry-wide definitions of dread diseases as health authorities take steps to curb disputes caused by definitions that many say favor the insurers.