Beijing cuts insurance costs for companies providing daily necessities

0 Comment(s)Print E-mail, May 27, 2022
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Beijing municipal authorities announced Thursday that they will slash insurance rates for companies that provide daily necessities in the city.

The insurance premiums of Beijing companies providing daily necessities and services, such as express delivery companies and wholesale markets, will be cut by 10% next year, according to a circular jointly released by the city’s banking and insurance regulator, the Beijing Emergency Management Bureau, the Beijing Local Financial Supervision and Administration, and the Beijing Municipal Commerce Bureau.

The city also plans to defer the premium payments of work safety liability insurance from 70,000 companies, including shopping malls, supermarkets, restaurants and catering companies, hotels, movie theaters, tourist attractions and parks, and indoor amusement venues, which will help them save a total premium of 5.09 million yuan (US$755,400). Green channels will also be set up to process the claims in a more efficient way, according to the circular. 

In addition, eight major property insurance companies in Beijing are offering free accident insurance for the elderly aged 60 and over who have received COVID-19 vaccines.

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