The first Chinese mutual insurer, Zhonghui Property Mutual Insurance, was opened in Beijing. The mutual will provide credit insurance as well as health and personal accident insurance.
Last year, the Chinese Insurance Regulatory Commission granted licences for the creation of 3 insurance mutuals. The remaining two mutuals are waiting for the commission’s final review before launch.
The International Cooperative and Mutual Insurance Federation (ICMIF) welcomed this move of the Chinese Insurance regulation body as the recognition of the mutual movement’s success in promoting and expanding the reach of the mutual business model.
Since 2010, MGEN has been working closely with the Chinese authorities to pave the way for the creation of mutuals. MGEN Group is now seen in China as a reliable mutual expert on social protection, health insurance and long-term care.
For more information, please read ICMIF’s article.