‘Blue sea’ market for health cover

Source: Xinhua | 2018-07-20

CHINA’S nascent health insurance market is a huge “blue sea” with strong potential, but also significant challenges, said a new report by Ernst & Young and CPIC Allianz Health Insurance Co Ltd released yesterday.

With China’s population aging, more people suffering chronic diseases and a growing middle class, needs for health insurance are becoming more diverse.

Health insurance companies must become more efficient and seek more external cooperation, the joint report said.

Building a commercial health insurance market is not only crucial to developing a multi-level market but is also a key part of China’s “Healthy China 2030” initiative — which sees public health as a criticial for economic and social development — said Jack Chan, EY’s China financial services managing partner, adding major challenges remain to break previous patterns.