Insurance industry now covers China's entertainment

Global insurance company Allianz announced recently that it will expand its entertainment insurance business to the Chinese mainland and Hong Kong, in a bid to fill a void in the region's booming film and performance industry.

The company is said to have provided insurance to about 50 percent of Hollywood blockbusters such as the James Bond movies and the Fast and Furious series of films, to ensure their production is completed without a hitch despite possible emergencies, according to Allianz.

Paul Walker, who played the lead character in Fast and Furious 7 died during the shoot. Allianz covered additional expenses relating to reshoot of some scenes.