AIG, the insurance giant, is launching a travel policy in China that allows its customers to cover up to $1 million for a trip to Beijing.
The company said it is targeting Chinese tourists, who make up about one third of the country’s estimated 1.4 billion residents, who are the mainstay of its business.
It said the policy would cover up $1.2 billion of the cost of a first-class ticket to the capital, Beijing.
China has one of the world’s highest air travel costs, with about 60 percent of all air passengers spending at least a night at an airport.
The new policy will cover up for the first five nights at Beijing Changbai Airport, but passengers can cover up further if they buy a ticket on their own.
AIG said the cost per ticket is likely to be between $30 and $40, and is subject to change.
The policy will be available starting March 1 and covers up to a total of up to 2,000 trips to China.
It covers up a person’s ticket, airfare, hotel stay and taxes, including any applicable state and local taxes.
AAG said it expects to sell around 50 million of the tickets in a year.