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China: More new insurers approved in inland provinces

Source: Asia Insurance Review | Oct 2016

The insurance regulator has given the green light for the establishment of five new insurers in the less developed inland provinces of China. 
The five insurers are: Huibang Life Insurance in Lhasa (Tibet); Yellow River Property Insurance in Lanzhou (Gansu); Huagui Life in Gui’an (Guizhou); Three Gorges Life in Chongqing and CCB Property in Yinchuan (Ningxia). They are among a total of 15 new insurance companies approved by CIRC this year to date, according to local media reports.
   The distribution of new insurance companies reflects CIRC policy of focussing on the inland.
   Last year, the two insurers given the nod to set up in the remote regions were Qianhai United Property Insurance in Urumqi, the capital of Xinjiang, and Qomolangma Property & Casualty Insurance in Lhasa. The latter is named after Mount Everest which is known in Tibet as Chomolungma. They were among the total of 13 new insurers approved by CIRC last year.
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