Chinese technology firm Wemin Insurance Agency has received regulatory approval to offer insurance products through its chat applications WeChat and QQ. China's insurance regulator has granted the license to Tencent, in which Wemin Insurance Agency holds the controlling stake. Combined, the two messaging platforms have approximately 900 million users. China's internet insurance industry is growing significantly, accounting for 65% of policies purchased in the country last year, according to Oliver Wyman. The marketplace is predicted to more than triple over the next four years, representing a $214bn industry by 2021.
Chinese technology firm Tencent has received regulatory approval to offer insurance products through its chat applications WeChat and QQ. China's insurance regulator has granted the license to Wemin Insurance Agency, in which Tencent holds the controlling stake. Combined, the two messaging platforms have approximately 900 million users. China's internet insurance industry is growing significantly, accounting for 65% of policies purchased in the country last year, according to Oliver Wyman. The marketplace is predicted to more than triple over the next four years, representing a $214bn industry by 2021.