The parent's proposed CNY15bn (US$2.2bn) state injection, part of a broader CNY70bn package, underpins the change, though S&P affirmed the reinsurer's 'A-' ratings.
CPPIC and a Lloyd's syndicate stand behind a single policy the broker calls a world first, spanning departure, quarantine and continuing annual mortality protection.
The partners say the policy is Australia's first pay-per-kilometre rideshare cover, pairing a fixed private-use premium with one linked to distance driven on Uber.