(Reuters) - China's southern province of Hainan has launched the first specially-designed insurance product to cover losses incurred by businesses as a result of the coronavirus outbreak in the country, the banking and insurance regulator said.
The scheme has set aside 200 million yuan ($28.7 million or £21.98 million) to cover payouts, according to a notice released by the China Banking and Insurance Regulatory Commission (CBIRC) on Sunday. The Hainan government will subsidize 70% of the premium for the 100 key businesses designated eligible to take this insurance.
Already a subscriber? Log in.
Limited time offer:
Just RM5 per month.
Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!
