Fans had been able to purchase “Drunk”, policies…as well as thinly veiled wagering opportunities.
When discussing insurance news in the context of the FIFA World Cup, one might think about the coverage that the players have obtained, or that properties and businesses in areas with hard core fans might have purchased in case of damage following late night celebrations or even soccer riots.
However, in China, policies have been appearing to allow gamblers to wager in a new way.
Die-hard fans in China have been making insurance news through very unique types of policies that are being offered by insurers in the country, though not all with the nod of regulators. While the headlines have been talking about all of the chances that policyholders have held for winning and losing cash when they enjoy wagering, for example, the latest news hasn’t been as positive for those with the coverage.
Regulators are now at the top of insurance news in China for ending policies that were little more than gambling opportunities.
The China Insurance Regulatory Commission has now ordered these insurance policies to be shut down, as its officials have said that they were little more than wagering services that were masquerading themselves as coverage. Among the more notable of the policies being closed was the “World Cup regret” policy, which was being sold by the Ancheng Property & Casualty Insurance company in Chongqing.
_________________________Random Quotes to Remember ~ "Don't be distracted by criticism. Remember--the only taste of success some people get is to take a bite out of you." -- Zig Ziglar
Policyholders were told that they would be able to receive a handsome payout if they were able to correctly identify the teams that would be eliminated. For a policy that cost 8 yuan (about $1.29) correctly calling the eliminated teams would bring in a payout of 49 yuan ($7.88). That policy, however, is no longer available.
Other types of insurance news making World Cup products included policies that were aimed at covering extreme fans who may find themselves at risk of special hazards. “Drunk” insurance, which was still being sold at the time of the writing of this article, is for fans who run the risk of drinking too much. They pay 3 yuan ($0.48) and in the case of becoming inebriated during a game, they will receive a payout of 200 yuan ($32.16) if an emergency call is made, and 2,000 yuan (321.56) if they are required to go to the hospital.