Competition in China’s fast-growing online insurance industry is intensifying, as tech giant Tencent Holdings Ltd. recently secured a new license to sell insurance products on its popular messaging apps WeChat and QQ.
Wemin Insurance Agency Co. Ltd., whose majority owner is Tencent Holdings Ltd., has been granted a license that allows it to sell insurance products, collect premiums and settle claims as an agent. Photo: Visual China Competition in China’s fast-growing online insurance industry is intensifying, as tech giant Tencent Holdings Ltd. recently secured a new license to sell insurance products on its popular messaging apps WeChat and QQ. The China Insurance Regulatory Commission (CIRC) said Wednesday it granted an operating license to Wemin Insurance Agency Co. Ltd., a new insurer in which Tencent owns a 57.8% controlling stake. Other shareholders of Weimin include Taiwan-based Fubon Property & Casualty Insurance Co. and a Chinese private equity fund
