China: Insurance association forms Internet insurance branch
The Insurance Association of China (IAC) has launched an online insurance site, signalling the increasing importance of the online insurance business. The site has attracted over 60 members, including traditional insurance companies, internet companies like Tencent, financial services providers like Ant Financial Services Group and&nbsp;academic and research entities. The Chinese online insurance market accounted for 4.2% of premiums in 2014, and in the first five months of 2015, accounted for 5.7%.
The Insurance Association of China (IAC) has set up an Internet insurance arm, a sign of the growing importance of online insurance business. A ceremony marking the event was held on Monday, 10 August.