Source: shine.cn

High-net-worth Chinese people are showing increasing interest in and stronger demand for life insurance amid unsteady times, industry insiders said.

The coronavirus pandemic has heightened economic-development uncertainty, prompting the super-rich class to target life insurance products with higher coverage for better security and intergenerational inheritance of their wealth, said Zhu Qingguo, general manager of Aegon THTF Life Insurance Co.

The company also teams up with trust houses to provide more customized services for its clients. Insurance plus trust services have been recognized by more and more customers over the past two years, and the market has entered a stage of rapid growth, said Wang Nan, general manager of the Family Trust Business Department at CITIC Trust, a Chinese investment management company. Collaboration between insurance companies and trust firms provides customers with easier access to family-trust accounts by leveraging insurance policies and making installment payments, she added.