CIRC slams “love insurance” products

Policies more akin to gambling than actual insurance, watchdog warns

CIRC slams “love insurance” products

Insurance News

By Gabriel Olano

China’s top insurance regulator has warned the public against purchasing so-called “love insurance” for public figures.

Such products are mostly sold online and speculate on how long a celebrity couple would stay together. According to a report by China News Service, these policies emerged after teen actor Lu Han revealed that he and actress Guan Xiaotong were in a relationship.

Certain sites have offered a return of up to 10 times the “premium” if the couple lasts for a year. Similar schemes regarding actor Wang Junkai’s future relationships have also been spotted.

In a post on its website, the China Insurance Regulatory Commission (CIRC) denounced such products as illegal and more akin to gambling, which is also illegal in mainland China, than actual insurance. 

“These ‘love insurances’ involving celebrities are not insurance products as they do not meet the requirements listed in China’s Insurance Law,” the regulator said.

Many companies or individuals offering these quirky products are unlicensed, which may prompt the CIRC to step in and clean up the sector.

The commission had earlier banned such gimmicky insurance policies, such as losses from World Cup bets and unplanned Valentine’s Day pregnancies, which acted more as marketing tools than providing actual protection. However, some consumers were disappointed, feeling that the government was ruining the fun.

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Consumers disappointed with government ban on gimmicky insurance
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