Ant Financial’s agri insurance JV gets green light

September 15 2017 by InsuranceAsia News Staff

China’s insurance regulator has given the go-signal for an agriculture insurance joint venture between Ant Financial Services and China United Insurance to begin operations.

It is the first agriculture tech company co-owned by an insurer that has received regulatory approval from the China Insurance Regulatory Commission (CIRC).

Under the agreement, Nonglian Zhongxin Technology will be 60% owned by China United Insurance and 40% owned by Shanghai Yunxin Venture Capital Management, a wholly owned subsidiary of Ant Financial.

The partnership aims to address increasing demand for insurance products spurred by the modernisation of the agricultural sector.

With the joint venture, Nonglian Zhongxin is set to offer one-stop services such as financing, insurance, and supply-chain services to a budding class of Chinese agricultural companies.

This comes at a time when agriculture insurance is booming in China.

MORE FROM: Agriculture