PICC Property and Casualty Archives - InsuranceAsia News https://insuranceasianews.com/companies_category/picc-property-and-casualty/ Wed, 10 Dec 2025 09:59:32 +0000 en-US hourly 1 https://wordpress.org/?v=6.8.2 PICC vice president resigns amid state investigation into disciplinary breach https://insuranceasianews.com/picc-vice-president-resigns-amid-state-investigation-into-disciplinary-breach/ Wed, 10 Dec 2025 09:00:24 +0000 https://insuranceasianews.com/?p=206532 Zhang Daoming named temporary responsible officer for the state-backed insurer following Yu Ze's resignation.

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People’s Insurance Company of China (PICC) vice president Yu Ze has resigned, according to official documents from the Chinese state-backed insurer, after an official investigation was launched into "...

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]]> Chinese insurers surge ahead in global renewable premium race https://insuranceasianews.com/chinese-insurers-surge-ahead-in-global-renewable-premium-race/ Wed, 03 Sep 2025 10:23:09 +0000 https://insuranceasianews.com/?p=199119 People’s Insurance Company of China, Ping An Insurance, and Yingda Taihe Property Insurance added over US$200m in new renewable energy premiums between 2023 and 2024, according to Insure Our Future.

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Three Chinese insurers have captured more than US$200 million in new premiums from the global renewable energy insurance market between 2023 and 2024, according to a report by Insure Our Future.
It pu...

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]]> PICC P&C underwriting profit surges 45% to US$2bn on motor, property gains https://insuranceasianews.com/picc-pc-underwriting-profit-surges-45-to-us2bn-on-motor-property-gains/ Wed, 27 Aug 2025 12:29:01 +0000 https://insuranceasianews.com/?p=198474 China's large non-life carrier posted a combined ratio of 94.8%, a 1.4 percentage point improvement.

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PICC Property and Casualty has reported a 5.6% jump in its insurance revenue to CNY249 billion (US$34.2 billion) for the first half of 2025, led by growth in motor, health and commercial property line...

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]]> PICC P&C FY24 underwriting profit drops by 43.9% to US$759m https://insuranceasianews.com/picc-pc-fy24-underwriting-profit-drops-by-43-9-to-us759m/ Fri, 28 Mar 2025 08:37:56 +0000 https://insuranceasianews.com/?p=179843 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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PICC Property & Casualty (PICC P&C) recorded a 43.9% decline in underwriting profits to CNY5.7 billion (US$759 million) last year, the company said in its FY24 results.
The insurer, though, re...

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]]> Tibet earthquake compensation payments, pre-payments near US$5m https://insuranceasianews.com/tibet-earthquake-compensation-payments-pre-payments-near-us5m/ Tue, 14 Jan 2025 05:44:59 +0000 https://insuranceasianews.com/?p=173394 China's insurance industry has paid full compensation to the 126 victims of last week's deadly earthquake.

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China's insurance industry has paid compensation and pre-payments of CNY36.2 million (US$4.9 million) following last week's deadly earthquake in a remote part of the country, according to the regional...

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]]> Tibet earthquake payments top US$60,000 from Chinese insurers https://insuranceasianews.com/tibet-earthquake-payments-top-us60000-from-chinese-insurers/ Thu, 09 Jan 2025 09:39:42 +0000 https://insuranceasianews.com/?p=173114 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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Chinese insurers have paid compensation claims worth CNY453,000 (US$61,788) after a deadly earthquake struck in a remote part of western China on January 7, according to the regional financial supervi...

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]]> China’s PICC P&C announces continuation of deals with PICC Reinsurance, PICC HK https://insuranceasianews.com/chinas-picc-pc-announces-continuation-of-deals-with-picc-reinsurance-picc-hk/ Mon, 30 Dec 2024 04:19:39 +0000 https://insuranceasianews.com/?p=172378 Reinsurance agreements include treaty and facultative reinsurance, covering all lines of property and casualty insurance risks.

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China’s PICC Property and Casualty Company (PICC P&C) has entered into a new reinsurance framework agreement with PICC Reinsurance, under which the two parties will cede insurance premiums to each...

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]]> PICC P&C H1 underwriting profit down 5% as liability insurance losses bite https://insuranceasianews.com/161543-2/ Wed, 28 Aug 2024 12:30:18 +0000 https://insuranceasianews.com/?p=161543 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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PICC Property & Casualty (PICC P&C) said underwriting profit for the first-half ended June 2024 was down 5%, as higher loss ratio of its motor insurance business due to snow and rainstorm in S...

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]]> PICC P&C posts 3.7% premium income growth in H1 2024 https://insuranceasianews.com/picc-pc-posts-3-7-premium-income-growth-in-h1-2024/ Mon, 15 Jul 2024 23:28:16 +0000 https://insuranceasianews.com/?p=158131 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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Chinese state-owned general insurer PICC Property and Casualty (PICC P&C) has reported a 3.7% year-on-year growth in premium income for the first six months of the calendar year, according to a st...

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]]> PICC pilots e-CNY use for motor insurance premium payments in Beijing: report https://insuranceasianews.com/picc-pilots-chinas-e-cny-use-in-motor-insurance-in-beijing-report/ Tue, 25 Jun 2024 06:59:45 +0000 https://insuranceasianews.com/?p=156734 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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PICC Group’s financial service arm has piloted China’s first use case of accepting e-CNY, the central bank digital currency, for motor vehicle insurance premium payments in Beijing, according to local...

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