Source: asiainsurancereview.com

The Shenzhen subsidiary of Ping An Property Insurance and the Bank of China branch in Shenzhen have issued the country’s first “digital yuan insurance policy”.

The insurance policy is targeted at medical workers in Nanshan district in Shenzhen in southern China. It provides medical workers with coverage of CNY300,000 ($46,000), paying compensation if an insured medical worker was to die as a result of COVID-19; CNY50,000 if a medical worker was diagnosed with COVID-19, and CNY50,000 for accidental death. Customers are eligible for an exclusive preferential allowance if they use the digital yuan wallet to make premium payments.

In mid-October 2020, China first commenced public testing of the digital yuan in Shenzhen. Ping An will explore the application of the digital yuan to insurance claims, payouts, and other aspects, and continue to expand the use of the digital yuan in the insurance industry.