The Chinese economy continues to grown and expand; the country is seen as a major international market that is drawing many companies worldwide that want invest in China. Insurance in China is one of the largest markets in Asia and one of the biggest in the World. The entry of China into the World Trade Organization - WTO in 2001, has opened the doors of its domestic industry to foreign insurers. There are big insurance markets in Guandong, Jiangsu, Shandong, Beijing, Shangai, Zhejiang, Sichuan, Hebei, Henan and Liaoning.
Having an insurance is an important matter in our days because it helps to decrease the financial impact of unforeseen events such as: accidents, theft and death. There are different types of insurances in the market, so it is recommended that you evaluate your needs before acquiring one. Remember, companies offer diferent insurance plans and policies according to the type of coverage.
Home InsuranceExpatriates places in China are insured by the landlords; usually this insurance covers the property against damages caused by fire, water, etc and other events that have not been caused by the tenant. But if you want, you can purchase a private insurance in order to insure personal goods. Before acquire a
home insurance in China, it is recommended to examine the coverage, it is not enough compare only the prices.
There are different types of coverage such as:
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Dwelling coverage - it protects your home against damage that affects its structure caused by unforeseen events such as: hurricane, lightening, hail or fire. For flood or earthquake damages is necessary to acquire separated policies.
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Other structures coverage – this insurance covers damages on other detached structures of your property.
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Personal property and contents coverage – it protects your personal items and households contents if they are stolen or destroyed in an unforeseen event.
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Loss of use coverage - this insurance policy covers your living expenses during the time that you cannot live in your home because it is being repaired.
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Personal liability protection coverage - this insurance policy covers you if a lawsuit is filed against you or any member of your family for property damage or bodily injury caused to others.
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Medical payment coverage - it covers medical expenses for an injury that happened in an event on your property.
Car InsurancePeople who have a car in China must also have
car insurance. Once you acquire a car insurance policy, you will receive a certificate and an official receipt. Most people purchase a basic car insurance that insures the driver as well as his/her car. The most sought insurances in China are:
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Traffic Compulsory.
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Third Party Liability .
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Car Damage.
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Car Theft Protection.
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Liability for Passengers and Driver.
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Vehicle Deficiency Waiver.
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Breakage of Glass.
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Car Body Scrape.
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Spontaneous Combustion.
It is important to purchase the car insurance that better suit your needs.
Health InsuranceHaving a
health insurance is an important matter because it takes care of medical expenses in case something happens to a member of your family. Public health care in China finances three systems: Government Employee Health Insurance (Gongfei yiliao), Labor Health Insurance (Laobao yiliao) and New Rural Cooperative Medical Care System. But there are people that prefer to acquire a private health insurance. You can speak with an advisor in order to find the most appropriate plan for you. China health insurance plans are:
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Individual plans.
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Family plans.
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Group plans.
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Travel plans.
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Teacher plans.
China doesn't have a national health care program for foreign people; so, it is recommended that you acquire a health insurance before arriving to China.
Travel InsuranceIf you are planning to travel for business, holiday or any other reasons to China, it is essential that you acquire some sort of insurance to cover your trip. If something is going wrong with your vacations such as a cancelled trip, luggage loss, etc;
travel insurance will cover you against these kinds of events. It is also important to acquire the adequate level of coverage; it has to be according the type of travel you are going to do. There are different types of coverage:
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Cancellation – trip interruption.
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Medical expenses, medical emergency including repatriation and if it is necessary, by air.
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Loss or damage of personal possessions.
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Adventure activities.
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Personal Liability.
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Robbery.
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Natural catastrophe.
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Personal accidents, etc.
Having travel insurance will give you the peace of mind that you need to enjoy your trip.
Life InsuranceLife insurance is a way to save money to provide financial security to your family in case of death.Insurance companies offer different types of life insurance, among the most known are:
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Term life insurance - provides coverage for a limited number of years.
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Whole life insurance –it is a kind of permanent life insurance.
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Universal life insurance – it is other kind of permanent life insurance; in order to understand how this insurance works will be better speak with an adviser.
But, there are other types of life insurance such as:
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Special Life Insurance: Adjustable, Cash value, Participating, Permanent, Variable life insurance.
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Special Purpose life insurance: Credit, Final expense, Group, Joint and survivor, mortgage and Quick issue life insurance.
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Business life insurance.
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Special Risk life insurance.
It is important that you choose the right company in order to get the most appropriate life insurance.
See also
insurance guide
