(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.
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