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Innovative insurance product launched in Xiamen FTZ

ftz.xm.gov.cn|Updated: May 31, 2023

An integrated circuits manufacturer based in the Xiamen Area of the China (Fujian) Pilot Free Trade Zone – located in China's East Fujian province – recently insured its hired experts from Taiwan through an innovative new insurance product.

Underwritten by Taiwan-funded insurance company Fubon Property and Casualty Insurance, the guarantee – issued on May 25 – is also the country's first product combining accident and health insurance that targets Taiwan employees working in the Chinese mainland.

Supported by the administrative committee of the Xiamen FTZ, the city's banking and insurance regulatory authorities and the financial supervision bureau, the product was developed to improve the Taiwan personnel's sense of security and belonging.

In case of emergencies, such as major accidents or sudden illness, Fubon will immediately transfer insured Taiwan staff back to the island for treatment by plane or other suitable means of transportation. This is so their relatives can take care of them and use local health insurance.

The new insurance has a coverage amount of up to 1 million yuan ($141,661), fully leveraging Fubon's advantages in its branches across the Taiwan Strait.

The administrative committee of the Xiamen FTZ will investigate Taiwan enterprises and employee needs, as well as explore new paths for cross-Strait integration and development – helping Xiamen to become a preferred destination and first home for Taiwan residents and enterprises on the Chinese mainland.