Business / Markets

Insurance market to expand online

By Hu Yuanyuan ( Updated: 2014-03-03 20:27

More licenses will be granted to online insurance companies after a trial run, vice-chairman of the China Insurance Regulatory Commission Li Kemu said on Monday.

Currently, there is only one online insurance company. But the regulator will gradually ease access to the market based on that trial, according to Li, a member of the National Committee of the Chinese People's Political Consultative Conference.

The country's first online insurance company, ZhongAn Online P&C Insurance Co, was launched last year by Alibaba Group, along with the country's largest Internet firm Tencent Holdings and its second-largest insurer Ping An Insurance (Group) Co of China.

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