China Pacific Insurance is increasing its focus on the elder care sector by launching products and facilities that cater to senior citizens, spurred by China’s rapidly ageing population.

The insurer will be releasing a travel insurance product for Chinese seniors holidaying abroad, as well as opening urban elder-care communities for rehabilitation and nursing homes in suburban areas, according to a report by China Knowledge.

One of the planned facilities is a holiday senior living centre in Dali, Yunnan province, which is expected to open its doors in 2021. China Pacific Insurance also plans to invest into senior housing in the outskirts of major cities such as Shanghai, Hangzhou, and Xiamen.

In the next five years, China Pacific aims to develop six retirement communities containing a total of 8,000 to 10,000 high-end senior apartments with approximately 10,000 to 12,000 beds. These communities will cater to the different needs of the elderly, offering healthcare and nursing services.

Many Chinese insurers, including industry behemoths like China Life and Ping An, are also turning towards elderly services. According to population projections, China will have around 300 million people over 60 years old by 2025, which will further open this lucrative market for firms, such as insurers, that have a wealth of funds to invest.