BEIJING, June 30 -- With the FIFA World Cup now well underway, football fever is once again spreading across the globe. Wise businessmen know how to take advantage of this quadrennial football upsurge, so does the Chinese insurance industry.
The insurers have firmly gripped these sports craze to roll out various products named "World Cup regret insurance", "night-owls insurance", "drunk insurance" and "football hooligan insurance", but they may not have the last laugh.
Like the other eye-catching "car plate lottery insurance", "pollution haze insurance" and "high temperature insurance", the so-called World Cup insurances do catch up with the trend.
For the relatively low premium, low maximum compensation pay-outs and good rewards, insurers are willing to develop something
of the kind tries, an industry insider pointed out.
Moreover, these kinds of insurances are more like casino game with little practical significance, only focusing on concept innovation, the insider said.
An analyst with a property Insurance corporation believed that these "burgeoning" insurance products have the opportunistic nature, to some extent deviate from the essence of insurance.
For consumers, the hot-looking insurances also cause them trouble to claim for compensation, the analyst added.
Only collecting premiums while with little chance of claims, gambling premiums look a little bit similar to crowd-funding, a customer indicated. It is more gimmick stunt than substance, he added.
"Domestic insurance industry has misled the public in its process of development, there is a large understanding deviation among the people, so the market environment is not conducive to promoting the game business", according to Hao Yansu, professor with Central University of Finance and Economics of China.
China Insurance Regulatory Commission issued last Thursday an urgent notice announcing that insurance products with gaming character should be suspended.
Although the insurance regulator has not named the specific violation list yet, some insurance companies have pulled related World Cup regret insurances from the shelves.