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CRITICAL ANALYSIS OF GLOBAL DEVELOPMENTS, TRENDS & IDEAS

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Insurance

The Business of Death

in Asia/Business/Economics/Politics by

The Chinese life insurance market has grown exponentially since the start of the millennium. Now the fifth largest life insurance market globally, sales have risen from 98 billion yuan in 2000 to 994 billion yuan in the first half of 2014. What perhaps makes this feat more impressive is not only the speed at which the market has expanded, but also the success of being able to market such a product in a culture where discussing death used to be completely taboo. To understand what exactly happened here, we need to rewind the clock a bit, and add a little contextual color. Just as the phrase “to have a good life” can mean multiple things, “a good death” is equally as ambiguous. In the west, Christian cultures in particular view death as a promise (or threat) of an afterlife, depending on how you act during your earth-bound existence. In China, where Confucian values are heavily embedded into culture, the subject of death is rarely discussed mainly due to its ambiguity, and it is almost always negatively portrayed. As if mystifying it wasn’t enough, Taoist beliefs measure how good a death is based on its timing and nature—anything other than dying…

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