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Five Insurance Companies Unite in Offering Accident Insurance
Five insurance companies signed an agreement Monday to work together to offer insurance against accidents to passengers taking inbound and outbound flights in Guangzhou, capital of Guangdong Province.
The move is designed to put an end to the chaos of buying of accident insurance policies, according to Kuang Jinglue, secretary-general of the Guangzhou Insurance Industry Federation.
The five companies are China Life Insurance Guangdong Branch, Pacific Insurance Company, Ping'an Insurance Company, Taikang Life Insurance Company and the representative organization of American International Assurance Co. Ltd. in Guangzhou.
Baiyun International Airport in Guangzhou is entrusted as an agent organization to sell, within the terminal, joint accident insurance policies printed with the approval of the insurance regulatory department, said Kuang.
According to Kuang, there are more than 400 air ticket retailing outlets in Guangzhou. Some of them are hired as business agents for different insurance companies and were found to have violated the relevant premium standards ratified by the China Insurance Regulatory Commission by hiking up the premiums.
The joint accident insurance policies will help unify the standards for underwriting, compensation and services so as to protect the legitimate rights of insurers, underwriters, and the insured, said Kuang.
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