The launch of PICC’s virtual property insurance product is believed to be the beginning of continued bilateral cooperation between insurers and tech companies
China has the highest number of gamers in the world (173.4 m) and 65% of these are actually paying players. Therefore, these users are both emotionally and financially attached to their gaming accounts. In recent years, the prevalence of theft of virtual currencies, gaming equipment, and other virtual property by criminals and hackers is making countless online gamers suffer. Recognising this as an opportunity to innovate and differentiate, PICC (China’s largest property insurer) partnered with gaming giant 5173.com and launched a P&C product in May 2013 which provides insurance for the loss of virtual equipment, virtual currency or losses due to account hacking, operator confiscation or banning of the gaming account.
When a gamer chooses the 5173.com platform to buy virtual property or equipment, he/she can choose to insure the option. In the event the seller of the equipment acts maliciously and doesn’t deliver the equipment, PICC will issue the full amount as compensation to the buyer. Gamers are also compensated for losses arising out of disputes with game operators.
PICC believe this insurance product is a landmark achievement for the insurance industry. The launch of the virtual property insurance product is believed to be the beginning of continued bilateral cooperation between insurers and tech companies.
Comments