PICC Property and Casualty Company Limited (PICC P&C) is the largest non-life insurance company in mainland China incorporated in 2003. It was one of the three main subsidiaries of the People's Insurance Company of China.[1]
PICC P&C is principally engaged in the provision of property and casualty insurance products. It operates its insurance business through motor vehicle, commercial property, cargo, liability, accidental injury and health, agriculture, homeowners and credit.[2]
History
The People's Insurance Company of China (PICC) was established in 1949 and later renamed the People's Insurance Group of China. In July 2003, the People's Insurance Group founded the People's Property & Casualty Insurance Company of China (PICC P&C), with a registered capital of 12.25598 billion yuan. The company, registered in the People's Republic of China, inherited all the commercial assets, liabilities, and branches of the original People's Insurance Company of China, operating all insurance businesses except life insurance.