Life insurer CMG Asia has launched a new product designed to cover hospitalisation costs aimed at female customers. The launch follows the introduction of similar products by AIA and National Mutual Asia. CMG Asia's managing director Gary Bennett says its product differs from its rivals. 'The other female products are life insurance policies, but the CMG product concentrates more on medical benefits. In other words, it is medical insurance tailor-made for ladies,' he said. 'In Hong Kong, medical expenses increase 15 to 20 per cent each year and there is an urgent need for medical insurance to cover the costs.' The CMG product covers conditions specific to women, including female diseases and child birth problems. The package includes a free medical checkup every two years. Mr Bennett said the Hong Kong insurance market had become more sophisticated and insurers needed to launch specific products.