Web-based insurance policyholders in China hits 222 million

Nearly 28% admitted to buying insurance from the Internet.

The number of web-based insurance policyholders in China total 222 million, according to a report from WeSure, the insurance arm of Tencent, in a development attesting to the capabilities of technology to expand protection coverage.

With nearly 802 million Internet users, insurers still have room to grow and expand into the world’s second largest economy. In fact, the survey notes that nearly three quarters of Web users in China have expressed openness to the idea of Internet insurance.

Over a fourth (27.7%) have bought Insurance in the internet whilst 27% have plans to obtain coverage in the coming year, the survey added.

A separate report from Moody’s notes that Chinese property and casualty insurers are more open to embracing new technologies than the more mature insurance markets of Hong Kong, Australia and Japan, citing the image recognition technology of Ping An P&C and CPPIC which uses satellite imagery for agricultural insurance.

The survey attracted 24,195 responses to an online questionnaire, with respondents spanning five cities of different sizes.