Hainan Province in Southern China has launched the first specially-designed insurance product that covers businesses’ losses resulting from the COVID-19 outbreak.
According to the China Banking and Insurance Regulatory Commission (CBIRC), the new insurance scheme has RMB200 million (US$28.7 million) in funds for payouts. The provincial government will subsidise 70% of the premium of 100 businesses that it deems eligible for this type of insurance, Reuters reported. However, the CBIRC did not name which businesses and sectors qualified for the insurance.
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