TAIYUAN -- China's online insurer Zhong An said on Friday that it has launched an insurance product for people suffering from hair loss, the first of its kind in the country.

According to the company, the "Anti-Hairloss Insurance" product offers policyholders a measure of financial support for scalp and hair problems, as well as follicular unit transplantation.

Balding was once a condition commonly associated with elderly or middle-aged men in China, but younger generations have increasingly been affected.

China Central Television cited a survey as reporting that up to 250 million people, or one in six, are believed to be suffering from hair loss in China. Figures from Zhong An show that up to 84 percent of people will experience hair loss by the age of 30, which is 20 years younger than the previous generation.

Established in 2013, Zhong An was China's first online insurance company, operating entirely over the internet and without physical outlets like traditional insurers.