Tourists who are forced to cut short their trips to Tibet for health reasons will soon be able to have their losses covered by a new insurance policy.

The Tibet Branch of Qomolangma Insurance, the autonomous region's first local insurance company, was founded on Thursday, the regional government announced.

"The company is in the process of researching and developing insurance products to pay for tourists who are forced to shorten their visits by plateau attitude sicknesses," said Zhou Guiquan, vice-president of Qomolangma Insurance.

Zhou said the company was expected to make these insurance products available in 2017, and it will help ease tourists' concerns when planning trips to the region.

"We hope Qomolangma Insurance will help to innovate and enrich insurance for villages, farmers and agriculture in the region," said Xu Zhanshan, regional government spokesman.

With the issue of poverty caused by illness becoming more prominent, the company will work to launch insurance for urban workers suffering from serious diseases.

Zhou said such an approach will help to reduce the number of urban employees who end up in poverty due to serious diseases.