Posted on Feb 07, 2013 by Sergio Ulloa
RSA (Royal & Sun Alliance) have released a new Home Insurance plan in China
called Private Client Insurance. Home Insurance is something that has rarely been purchased in the past in China, with local Chinese people giving it little attention or importance. It is only now becoming more recognised as an important form of insurance for home-owners and renters, which should see an increase in insurers offering quality Home Insurance plans in China in the future.
Historically, there have been few plans on offer in China that would insure a home and its contents. The plans that were on offer were sparse, and of poor quality, meaning that few people in China knew about the possibility of Home Insurance, and even fewer actually purchased the coverage. This trend is beginning to change, and there is an increasing interest in Home Insurance plans, with more quality plans becoming available on the market including RSA's new offering - Private Client Insurance, a customisable home and contents insurance policy.
This plan will be beneficial to many people in China. The burgeoning expat community have long been looking for a satisfactory Home Insurance plan that would cover their belongings and property, but previously found nothing sufficiently satisfactory. Now RSA can offer these expats coverage on their belongings to a diverse degree and a high quality.
The plan is not only attractive to expats, but also to local Chinese people who are increasingly becoming aware of the existence of, and need for Home Insurance. This can be attributed to the increasing wealth of much of China's populace. With increased wealth, many Chinese people have acquired more high-value goods and live in more expensive housing that they want to ensure are insured should disaster or theft occur. The increasing wealth in China is expected to be accompanied by a future increase in the number of Home Insurance plans on offer, as insurers look to capitalise on the new demand. There is a need for quality Home Insurance plans in China that will see this sector continue to grow.
RSA's Private Client Insurance, is a customisable plan that provides coverage for each client's individual needs. The coverage available will protect clients against damage to their
home, be it a building or a condo, as well as cover for damage to or theft of jewellery, fine wine, art collections, and other expensive contents of a home. Furthermore, clients can obtain coverage for Personal Liability incidences should someone injure themselves or damage their property in your building. Policyholders' personal insurance needs
are covered with RSA through a tailored plan that takes minutes to fill out online. Within 5 easy steps, users will have a detailed, custom insurance policy for their home and contents. (see www.rsagroup.com.cn/pc
for details). These policies cover clients in the event of accidental damage, natural hazards, and theft.
The advent of this plan by RSA promotes the demand for high quality Home Insurance plans in China. RSA have had a presence in China since they first operated there in 1852. The insurer opened official offices in Shanghai in 1998, which became their official Chinese headquarters in 2008. They have further offices in Beijing and Jiangsu, and hope to continue their expansion into key cities in China in the future. This is as part of their multinational success, with plans already being written in 140 countries, and a rating by S&P of "A+" stable.
Home Insurance is a growing requirement in China. As more people become aware of the availability of and need for Home (and contents) Insurance, particularly with the birth of wealthy individuals appearing in China, there will be an increase in demand for plans such as RSA's Private Client Insurance. This will hopefully draw further insurers into the market, offering further high quality Home Insurance plans.