Insurance Companies Promote Travel Accident Policies

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 ◆ Insurance Companies Promote Travel Accident Policies

Chinese insurance companies are promoting new transport accident policies to satisfy the demands of growing numbers of tourists. The China Ping An Insurance Company is promoting its travel policy offering "100 yuan (US$12) for all-year accident air insurance". The China Pacific Life Insurance Company is also promoting a transport accident card. Customers can spend 50 yuan annually (US$6six) to get 250,000 yuan (US$31,250) in air accident compensation, 100,000 yuan (US$12,500) for a rail accident, 100,000 yuan (US$12,500) for a shipping accident or 50,000 yuan (US$6,250) in car accident insurance. These moves have attracted many business travelers, who used to pay 20 yuan (US$2.5) for a single aviation insurance policy. A recent survey showed 60 percent of passengers used over two forms of transport while traveling. But current air or car accident insurance policies don't provide comprehensive cover to customers. Many insurance companies were promoting their new accident products in the peak summer travel season, experts said. China Life Insurance reaped 5.5 billion yuan (US$700 million) in accident premiums last year, up 14.6 percent compared with the same period last year. In the first half of this year, the company saw more growth in accident premiums. Some 70 million Chinese people traveled by air last year, but fewer than half of them bought air insurance policies.