Company: PICC Property and Casualty Page 1 / 1
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- March 28 2025
PICC P&C FY24 underwriting profit drops by 43.9% to US$759m
COR deteriorated from 97.8% to 98.8% due to the impact of severe disasters and accidents, as well as the rise in cost of debt following a decrease in the discount rate.
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- January 14 2025
Tibet earthquake compensation payments, pre-payments near US$5m
China's insurance industry has paid full compensation to the 126 victims of last week's deadly earthquake.
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- January 9 2025
Tibet earthquake payments top US$60,000 from Chinese insurers
- China
- China Continent P&C
- China Pacific Insurance P&C
- China Re
- China Taiping
- PICC Property and Casualty
- Ping An
- Sunshine Insurance
88 reports, with a total of 20 claims, have been made to insurers, including PICC, China Continent, China Taiping and Sunshine.
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- December 30 2024
China’s PICC P&C announces continuation of deals with PICC Reinsurance, PICC HK
Reinsurance agreements include treaty and facultative reinsurance, covering all lines of property and casualty insurance risks.
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- August 28 2024
PICC P&C H1 underwriting profit down 5% as liability insurance losses bite
Underwriting profit for China's largest P&C insurer totalled US$1.26bn, as COR edged up 0.4 percentage points to 96.2%
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- July 16 2024
PICC P&C posts 3.7% premium income growth in H1 2024
The premium income for the first half stood at US$42.9bn with motor vehicle insurance accounting for about 45% of the premiums.
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- June 25 2024
PICC pilots e-CNY use for motor insurance premium payments in Beijing: report
If the pilot project, launched in collaboration with the People's Bank of China, is successful, the financial services group plans to expand its use to life, health, and agricultural insurance.
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- April 15 2024
HK Insurance Authority courts Chinese insurers, municipalities to grow cat bond hub
The regulator is reaching out to Chinese (re)insurers and local governments as it seeks to entice potential cat bond issuers to the city and build an insurance-linked securities hub for the Greater Bay Area.
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- March 27 2024
PICC P&C 2023 net profit drops as nat cats, post-Covid reopening aggravate claims
China's largest P&C insurer saw net profit for the financial year drop 15.6% and its combined ratio edge up to 97.8%
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- March 6 2024
China Re, PICC team up to form rule-setting body for typhoon, flood risks: report
The state-backed working group seeks to build a risk assessment platform to offer tailored insurance coverage for the two perils.
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- January 16 2024
China’s ‘real estate development model 2.0′ keeps non-life insurers’ growth buoyant
Government spending on affordable housing and public facilities will cushion insurers from the sector's downturn, sustaining the country's P&C premium growth of at least 7% for 2023 and 2024.
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- January 8 2024
PICC, China Re, China Taiping have ‘trillions of yuan’ exposure to Belt & Road projects, nat cat
The three leading Chinese (re)insurers said they provided coverage to the country's high-tech, aerospace sectors, infra projects and cat relief with the sum insured amounting to several trillion yuan each.
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- December 14 2023
PICC P&C’s agricultural business sees fastest growth for 11M2023
The government's initiative to expand coverage to more commodities should help non-lifers to uphold their growth dynamics in agri insurance, analysts said.
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- December 12 2023
China to pilot expanded agri cover scheme
The public-private partnership programme will provide coverage to rubber farmers in Yunnan, Hainan either on the costs or revenue of the insured plantation.
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- November 9 2023
PICC is second largest fossil fuel insurer with US$1.45bn premium income in FY 2022
According to a report by Insure Our Future, global insurers earned around US$21.25 billion in 2022 from fossil fuels with the Lloyd’s market collectively contributing US$1.6 - US$2.2 billion.
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- October 16 2023
PICC injects US$280m into PICC Reinsurance
The company said the cash injection, which will boost capital to around US$760m, will help the reinsurer support business development and strengthen synergies.
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- September 7 2023
Analytics: Chinese P&C carriers focus on agri, liability offerings in acceleration away from motor
- Analytics
- China
- China Continent P&C
- China Pacific Insurance P&C
- PICC Property and Casualty
- Ping An
- Sunshine Insurance
Improved underwriting results, new products and a push from the government are driving growth, but an uncertain economic outlook has seen carriers rush to pare credit surety exposures.
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- September 1 2023
PICC on hook for US$530m from Typhoon Doksuri with reinsurance deductibles at US$150m
The slow moving, powerful storm in July, which was China's costliest typhoon on record, has left the market with a claims' bill of over US$1bn.
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- August 30 2023
PICC P&C’s H1 underwriting profit for commercial property zooms 165%; overall COR at 95.8%
China's largest P&C carrier's H1 underwriting profits were up 7% to US$1.3bn, while its COR was flat.
