UIUC seeks insurance against drop in Chinese students

0 Comment(s)Print E-mail Xinhua, December 9, 2018
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CHICAGO, Dec. 8 (Xinhua) -- The University of Illinois at Urbana-Champaign (UIUC) recently has paid 424,000 U.S. dollars to protect itself against a likely drop in the number of Chinese students.

The colleges of business and engineering at the university have signed a three-year contract with an insurance broker to pay the annual sum in return for a coverage of up to 60 million dollars, according to local website of Inside Higher Ed.

UIUC came up with the idea in 2015, but it received permission from the broker to discuss it in public in November this year.

Jeff Brown, dean of the Gies College of Business, said insurance would be "triggered" in the event of a 20 percent drop in revenue from Chinese students at the two colleges in a single year as a result of a "specific set of identifiable events," the website reported.

Tuition from Chinese students makes up about one fifth of the business college's revenue at UIUC. The insurance would cover the colleges' losses if the decline is temporary and gives the university time to "make some adjustments to where we recruit" if it becomes a longer-term issue, the website quoted Brown as saying. Enditem

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