PICC Property and Casualty Co. News

12 Chinese Insurers Co-Launch Coverage for Businesses Hit by Coronavirus

China’s southern province of Hainan has launched the first specially designed insurance product to cover losses incurred by businesses as a result of the coronavirus outbreak in the country, the banking and insurance regulator said. The scheme has set aside …

AIG Reported to Be Selling Its Last Shares in China’s PICC Insurer

American International Group (AIG) is seeking to raise about $190 million by selling its remaining shares in China’s PICC Property and Casualty Co Ltd, according to a term sheet of the deal seen by IFR on Saturday. AIG is offering …

AIG Selling $1.2 Billion Worth of Shares in China’s PICC P&C: Report

American International Group is offering for sale about $1.2 billion worth of shares in China’s PICC Property and Casualty Co. Ltd. (PICC P&C) in a block deal, IFR said on Saturday, citing a term sheet of the deal. AIG’s stake …

Chinese Drones Perform Well in Analyzing Tianjin Damage Estimates

When an explosion devastated parts of China’s Tianjin port in August, one insurance company turned to Chinese-made drones to help analyze the rubble and estimate the damages. Comparing satellite photographs of the site ahead of the blast with high-resolution images …

AIG Reportedly to Raise About $750M From Sale of Shares in China’s PICC P&C

American International Group is seeking to raise about $750 million by selling part of its stake in China’s state-run PICC Property and Casualty Co. Ltd., according to a term sheet of the deal seen by IFR on Monday. AIG is …

UPDATE: Tianjin Blast Claims Could Top Estimates, Strain Chinese Insurers

Insurance claims from the devastating explosions at the Chinese port of Tianjin last week could exceed initial estimates and strain the finances of regional insurers, credit ratings agency Fitch said on Tuesday. Credit Suisse analysts estimated that total insurance losses …

Chinese Insurers Send Claims Teams to Site of Yangtze Ship Disaster

PICC Property and Casualty Co. Ltd., the insurer of a ship that capsized in China’s Yangtze River on Monday, and other insurers have sent teams to the site to settle claims in connection with what could be the country’s worst …