China insurance market News

Mercer’s Sun to Succeed Zheng as CEO of AIG’s China Insurer

American International Group announced that Lisa Sun will join the company as chief executive officer of AIG Insurance Company China. Sun joins AIG from Mercer, where most recently she was CEO of Mercer’s Hong Kong & South and East Asia …

Willis Granted Full Insurance Broker License by China

Willis Towers Watson reports that China’s Banking Insurance Regulatory Commission (CBIRC) earlier this month approved Willis Insurance Brokers to be the first fully licensed foreign broker to transact all insurance business in China. This follows President Xi Jinping’s announcement early …

China’s Baidu Selling Majority Stake in Fintechs; May Enter Insurance

China’s Baidu Inc. said it will sell a majority stake in its financial services business for about $1.9 billion to a consortium led by TPG Capital Management LP and Carlyle Group LP, as it looks to deepen its push into …

Foreign Insurers Benefit as China Tightens Rules on Local Firms

When Zhang Xixi, a 25-year-old staffer at an online financial company in China’s southern province of Guangdong, decided last year to buy personal insurance for the first time, he was swamped with options. Local insurers rushed to offer him products …

China’s Services Sector Including Insurance Off to Flying Start in 2018

China’s services sector got off to a flying start in 2018, expanding at its fastest pace in almost six years as new orders surged and companies rushed to hire more staff, a private survey showed on Monday. Economists also attributed …

Starr Cos., China’s PICC Health to Provide Insurance for Belt & Road Project Workers

Starr Cos. announced it is working with China’s PICC Health Insurance Co. Ltd. to provide insurance for Chinese company employees working overseas in Belt & Road Initiative (BRI) countries. The companies are providing a specialty accident and health offering jointly …

Chubb Forms Partnership with China’s Largest P/C Insurer, PICC

Giant insurer Chubb Limited has entered into a 10-year strategic cooperation agreement with PICC Property & Casualty Company of China that will provide PICC’s customers and other Chinese-affiliated companies around the world access to Chubb’s global capabilities. As part of …

China Insurance Market Ripe for Digital Disruption: Viewpoint

China’s tech giants — Baidu, Alibaba and Tencent — increasingly have a finger in every part of the economy. So why aren’t they bigger participants in what should be an easy sell online: insurance? Some inroads are being made. Last …

Alibaba’s Grand Vision for E-Commerce Empire Includes Insurance

Alibaba, the world’s biggest e-commerce company, changed how China shops. Now the man driving its blockbuster U.S. stock sale wants to transform the rest of the country’s services industry, adding new users to the giant’s 300 million customers. Joe Tsai, …

China’s PICC Group’s Profit Rises as Premiums, Investment Income Climb

People’s Insurance Company (Group) of China Ltd., parent of the nation’s biggest non-life insurer, said profit rose 53 percent in the first half as investment and premiums income expanded. Net income increased to 7.54 billion yuan ($1.23 billion), or 0.18 …