Tantrums, concubines, hotpot burns and smog: China insurers have it covered

Similarly, buy cover against your bride becoming pregnant before the honeymoon, your team being knocked out of the soccer World Cup, burning your tongue eating hotpot or if smog ruins your holiday. Quirky, maybe, but China's insurers are turning to ever more creative ways to drum up business in a market where growth has stalled and penetration rates of around 3 percent, half the global average, are little changed from a decade ago. Premiums in China are less than $278 billion a year, way below the $1.3 trillion paid in the United States and below even the UK's $330 billion, according to Munich Re and Swiss Re data. "It's consumer acquisition, a way to engage new customers," said Joseph Ngai, who heads the Greater China financial institutions practice at McKinsey in Hong Kong.

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