Chinese insurers last year began offering what they called “quarantine insurance”—get locked down, receive a payout. Now, as the Omicron variant spreads rapidly across the country, overwhelmed insurers are pulling the plug on the products.
Policies that pay claimants who are forced to lock down are disappearing as the Omicron variant of the coronavirus spreads rapidly across the country
China reported more than 1,000 new locally-transmitted Covid-19 infections for a sixth straight day on Wednesday; rush hour in Beijing.BEIJING—In a country where one person inadvertently crossing paths with a Covid-19 patient can instantly put an entire apartment complex under lockdown for 14 days or more, Chinese insurers last year began offering what they called “quarantine insurance”—get locked down, receive a payout.
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