Premier Li Keqiang urged accelerated efforts to open up the insurance market and foster a level playing field to promote the upgrade of insurance services, at the State Council executive meeting on Dec 30.

The meeting agreed on measures to develop commercial insurance in the social service sector to better satisfy people’s demands.

The Premier said that China now is an aging society, and the number of people above the age of 60 has reached 250 million. It is important to provide insurance products that specifically cater to their needs and at the same time improve the insurance supply for other groups.

Data show that the basic pension now dominates the endowment insurance system, while the enterprise and occupational annuity starts late and develops slowly, and the third pillar including the commercial endowment insurance is in short supply.

The major role of the basic pension is to guarantee basic needs of the elderly, and many developed countries are developing commercial insurance to foster an important support and source of pensions, the Premier said, announcing that endowment insurance will be developed at a faster pace and the overall pension insurance structure will be refined to gradually improve the lives of the elderly.

Support will be given to developing by drawing upon international experience, diversified pension annuity insurance products and medical insurance and accidental injury insurance that are tailored to the needs of people over 60 years old, according to the meeting.

And, the development of long-term nursing care insurance will be stepped up, while the quality of insurance products and services will be significantly improved.

According to the meeting, insurance institutions will be encouraged to provide comprehensive insurance products that cover multiple sectors including medical care, nursing care and maternal services. New medical technologies and products will gradually be included in the coverage of commercial health insurance. Insurance products will be created to meet the needs of low-income groups and those working in new types of businesses.