Why should I pay the insurance premium for the loan of Shenzhen Times Financial Sub-branch?

Shenzhen Times Financial Sub-branch needs to pay insurance premium to reduce the loan risk. According to relevant information, Shenzhen Times Financial Sub-branch is located at Floor 1 Times Financial Center, No.400/Kloc-0, Shennan Avenue, Futian District, Shenzhen City, Guangdong Province. The main reason for asking the applicant to pay the loan insurance premium is to reduce the loan risk and prevent the lender from causing financial losses to the bank when there are unexpected circumstances in the loan process.