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China's Insurance Sector Urged to Support Western Development
China's insurance sector is poised to expand its businesses in the western areas in support of the government's strategy to develop the country's west.
Speaking at a national insurance conference Thursday, Chairman of the China Insurance Regulatory Commission Ma Yongwei said that insurance firms should develop more products that satisfy the needs of the western areas.
He said property insurers should provide property, engineering, transportation and special risks insurance coverage and risk management services for highways, railways, airports, telecommunications and other major infrastructure projects.
He urged life insurers to provide life and health insurance coverage for professionals working in the west.
To support the insurance sector in the west, Ma said the government will encourage insurance firms to open branches in the western region.
Insurance firms should also step up staff training and the exchange of personnel between eastern and western branches, Ma said.
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