Taking notes from their Western peers, the Industrial and Commercial Bank of China and the Huatai Insurance Company have signed a cooperation agreement to begin providing services which are remarkably similar to the “bancassurance” operations, that dominate the market for personal lines in many European countries.
“ICBC will collect premiums and pay out claims on behalf of Huatai and the two sides will also co-operate in Internet settlements, deposits and other fields,” said a bulletin from China’s Xinhua News Agency.
ICBC already has similar agreements with two other Chinese insurers, and plans to use the strategy to improve operating performance and expand its business.
Topics China
Was this article valuable?
Here are more articles you may enjoy.
Premiums Will Skyrocket by 2035; Discounts Not Enough for Wind Mit, Studies Say 
Hellman & Friedman’s Hub International Seeks $3 Billion in IPO 
Remember the Fall of Patriot National? Trial in Suit vs. Mariano’s Lawyers to Begin 
Ryanair Passenger Partly Sucked From Jet After Window Breaks 
