Tencent expands insurance footprint

Chinese internet giant Tencent Holdings has expanded its range of insurance offerings after an insurance agency backed by it got the necessary approval.

The internet giant of over 900 million users already has a presence in the life and property insurance sectors and an insurance agency.

According to analysts, the insurance sector is poised for more activity as there would be more services that would integrate internet-based technologies and insurance in the future. The rapid advent of financial technology and growing demand for protection in China would fuel more interest in the insurance segment, they said.