Taobao offers moon insurance for Mid-Autumn Festival; Residents of cities of Shanghai, Guangzhou and Shenzhen can pay a premium of 20 yuan (US$3.24) and receive 50 yuan (US$8) from the insurer if they cannot see the moon

August 28, 2013 1 Comment

Taobao offers moon insurance for Mid-Autumn Festival

Xinhua

2013-08-27

People in 41 cities in China can insure their enjoyment of the full moon during the Mid-Autumn Festival from Monday. An internet-based insurance product was launched by Taobao Insurance under the Alibaba Group, China’s largest online shopping platform, together with Allianz China General Insurance Company. Internet users can insure themselves against inconveniences during their moon gazing at the Mid-Autumn Festival, and will be paid off if they cannot see the moon because of poor weather on the day. Residents of cities of Shanghai, Guangzhou and Shenzhen can pay a premium of 20 yuan (US$3.24) and receive 50 yuan (US$8) from the insurer if they cannot see the moon.People living in 41 cities of China, including the three cities above and the country’s capital of Beijing, can pay a premium of 99 yuan (US$16) and receive 188 yuan (US$31) if they fail to see the moon through poor weather. Everyone who purchases the insurance will get a box of mooncakes as well.

According to Allianz, there are only limited numbers of policies for internet users to purchase. The company will stand the loss if the cities are cloudy, foggy or hazy on the evening of the festival, according to China Weather’s forecasts. China Weather is the website of the China Meteorological Administration.

“Internet is not only a distribution channel, it is changing the insurance industry profoundly,” said Song Xuanbi, deputy chief operating officer at Allianz.

He said the company is diversifying risk by introducing the new products online.

Filed under Macro Trends

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One Response to Taobao offers moon insurance for Mid-Autumn Festival; Residents of cities of Shanghai, Guangzhou and Shenzhen can pay a premium of 20 yuan (US$3.24) and receive 50 yuan (US$8) from the insurer if they cannot see the moon

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