China to Open Medical Insurance to Foreign Companies

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Last updated at: (Beijing Time) Monday, November 04, 2002

China to Open Medical Insurance to Foreign Companies

China's insurance watchdog is considering the feasibility of opening up group medical insurance to foreign companies.

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China's insurance watchdog is considering the feasibility of opening up group medical insurance to foreign companies.

"We are actively working on the feasibility of foreign insurance companies providing group medical insurance," Chen Wenhui, director of the Life-Insurance Department of the China Insurance Regulatory Commission, was quoted as saying at the first China Commercial Medical Insurance Forum held on Saturday and Saturday.

Chen said at the forum Chinese insurance companies are not specialized enough in group medical insurance and cannot meet market needs. Therefore, foreign or joint venture insurance firms could be introduced to fill the gap.

The commission said it sponsored the weekend forum to start a long-term platform for discussion. Nearly 200 senior government officials, scholars and insurance company executives attended the forum.

Despite enormous market potentials, Chinese insurers have remained cautious about medical insurance.

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