Since I came to China, I have gotten into discussions about insurance on a number of occasions.  Insurance is just beginning, in China, but it's not trusted by the people.  Indeed, most people who are rich enough to afford a car don't even have car insurance: they just negotiate, sometime for hundreds of thousand of Yuan,  in case of an accident, injury or death.

At the university where I teach finance and econ they offer to get us health/accident insurance or we can get our own.  Several people have gone for the Chinese insurance [suckers], but have reported bad experiences.  One kept going to a clinic, handing in the bills, which the insurance company, each time, told her that the bills were improper bills, and they wouldn't pay them.

More recently, an instructor did have an accident for which his out of pocket costs were around Y50,000, and handed the bills into the company.  The insurance company asked him how much he paid for his premium, to which he replied, Y1,300. Insurance company said: here's your Y1,300; we're canceling your policy.

We have a friend who works for a foreign insurance company and whose spouse is in the government.  Even the friend said we should never buy Chinese insurance, advising us to buy Hong Kong insurance because it is reliable but much less expansive than the foreign brands.

Several months ago, also, the China insurance regulator reprimanded a few of the large insurance companies for improper accounting/reporting/.managing reserves/premiums, but the businesses are not really proper insurnce businesses, at all, from everything we have heard.

Chinese really have to learn to play fair, not cheat, not make or offer fakes, not try to overcharge, be honest, and many other things.  Without trust and fairness, China will never become any kind of financial or economic power.