PICC Property & Casualty says auto insurance in China may boost profits

According to PICC Property & Casualty, the decision made by China to permit foreign insurance companies to sell mandatory auto insurance might help the local insurers to make base rate government changes for those policies. The board secretary in Beijing for this largest non-life insurance in the country, Zhang Xiaoli, said that the result of bringing in compulsory vehicle coverage with third-party liability will be “quite limited” for the countries based in the country. He explained that insurance companies from other countries probably won’t “launch any big offensive” because they…

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