Magazine date:
Mar 2014 A week after being placed on the market, the regulatory authority of the insurance market (CIRC) directs interruption of the supply of smog insurance.
CIRC informed "PICC Property and Casualty", "Ping An Annuity Insurance" and "Ping An Property and Casualty Insurance" of the prohibition on marketing this product.
According to an official of the CIRC, interest insured by this product are not clearly defined and the probability of compensation does not follow the law of large numbers.
As a reminder, smog insurance indemnified upon payment of a premium, tourists exposed to an index of air quality (IAQ) between 100 and 200 in six major Chinese touristic cities.