New Mandatory Auto Insurance In China

Chinese officials has announced that as of July 1st this year all vehicle owners in China will have to purchase a mandatory non-profit auto insurance or else risk their vehicles being confiscated.

The step is said to provide funds for those claiming car isurance compensations. Currently China has 130 million motor vehicles of which but 35% have commercial insurance.

The stats are that globally approximately 1.2 million people die annualy in road accidents, of that 20% happens in China. That is some 250,000 people a year or 680 a day.
Also with the Chinese economic boom, there is 14,000 new vehicles being added to the Chinese roads a day. Most of those involved in fatal Chinese traffic accidents are pedestrians and those driving bicycles.