Jan 22, 2019 (China Knowledge) - China Pacific Insurance Co., one of the country’s largest insurance companies is accelerating its venture into eldercare, eyeing the market potential of the sector driven by a rapidly ageing population.
The company will be coming up with three product lines to target this segment, urban elder-care communities for rehabilitation, migratory holiday products and nursing homes in suburban areas which provide healthcare services.
China Pacific Insurance is targeting to open a holiday senior living center in Dali, Yunnan province by 2021 and will also be looking to invest into senior housing in the outskirts of major cities such as Shanghai, Hangzhou and Xiamen.
Over the next 3 to 5 years, China Pacific aims to develop six retirement communities involving 8,000 to 10,000 high-end senior apartments with between 10,000 to 12,000 beds. These retirement communities will cater to the different needs of the elderly and will be equipped with healthcare centers and nursing services.
Apart from China Pacific, other insurance companies such as China Life and Ping An insurance are also venturing into this sector; as by 2025, China is estimated to have about 300 million people aged over 60, presenting companies with a huge opportunity to capitalize on.
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