«Ingosstrakh» and PICC (People’s Insurance Company of China, one of the largest in terms of premiums Insurance Company of China) signed an agreement on cross-border insurance, said the Russian insurer, informs «Pacific Russia».
The agreement was concluded for a term of three years.
The aim of the agreement is to strengthen relations and promote cooperation, expand cooperation, including in the field of motor insurance, liability insurance carriers, as well as reinsurance.
Initially, the project will be tested on the basis of building cooperation between the Chinese city of Hunchun in Jilin Province (Jilin) and the free port of Vladivostok. Subsequently, the business model will be implemented in the framework of cooperation among the other Chinese provinces and regions of Russia.
As part of the agreement, the parties intend to organize regular meetings at the level of senior management of the companies, and set up a separate working group responsible for the implementation of regular interaction between the parties, the organization of training and exchange of experience, as well as for the prompt resolution of all problems encountered in the implementation of the agreement.
«We believe the establishment of strategic partnerships and the development of relations with China and Asian countries as a whole. This is especially significant in a situation sound effect of sanctions limitations, is an added incentive for the Russian insurers to seek new opportunities for long-term projects in the Asian markets. We hope that the signed agreement now PICC will promote mutually beneficial cooperation of the parties and eventually stimulate the development of insurance services for the business and the population of both countries», — said General Director of drilldown» Ingosstrakh Mikhail Volkov, whose words are reported.
Earlier reports said that in November 2012 «Ingosstrakh» acquired a 0,1% stake PICC a $25 million, taking part in the IPO of Chinese insurer.
P & C PICC (Property and Casualty People’s Insurance Company of China, «the People’s Insurance Company of China») — one of the largest volume of premiums of insurance companies in China, founded in 1949. In 2014, the gross subscribed premiums by group companies amounted to 253 billion yuan (about US $ 41 billion). The company has licenses for all kinds of insurance, except life insurance. It is the largest property insurer in the country. He has more than 10 thousand. Offices in China, offices in London and New York.