Nearly a month after the inauguration of the second Chinese reinsurer "Taiping Reinsurance", the companies People's Insurance Company of China (PICC) and PICC Property and Casualty Company obtained the authorization to create a third local reinsurer called "PICC Re".
Endowed with a share capital of one billion CNY (153 million USD), the new company is chaired by Sheng Hetai. No less than three other requests for the creation of new reinsurance companies are currently under review.
The Chinese reinsurance market is making significant strides. The amount of premiums underwritten locally in 2014 totaled 151.85 billion CNY (24.73 billion USD).
The Moody's Investors Service agency has predicted strong expansion of this market in the next 12 to 18 months.