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More captive insurers are expected to open in China following the launch of an insurance joint venture between PetroChina Company Ltd. and its parent China National Petroleum Corporation.
The China Insurance Regulatory Commission approved mainland China's first professional insurance company in October 2012 and, according to China Daily, CNPC Captive Insurance Company Ltd will mainly look after the CNPC Groupís property damage insurance, liability insurance, credit insurance, guarantee insurance, short term health insurance and accident injury insurance business. Analysts at BestWeek Asia-Pacific said this could be used as a blueprint for more captive insurers in China as Chinese businesses develop more sophisticated risk management strategies. One of the drivers for this phenomenon is expected to be Chinaís state-owned oil and gas producers and suppliers with high strategic values, who are now amongst the top 500 international firms.