Chubb increases stake in Chinese insurance company

Chubb | November 26, 2019

Chubb increases stake in Chinese insurance company
Chubb Limited has announced that it has agreed to purchase an additional 15.3% of Chinese insurance company Huatai Insurance Group Company Limited. Upon completion of the transaction, Chubb is expected to own 46.2% of Huatai Insurance Group. The parties have also agreed to a subsequent purchase of an additional 7.1% of the company, contingent on the completion of the first purchase. Huatai Insurance Group is the holding company of Huatai P&C Insurance Company, Huatai Life Insurance Company, Huatai Asset Management Company, and other subsidiaries. Huatai Group’s insurance operations have more than 600 branches and 11 million customers.

Spotlight

Insurance companies should consider the possibility that 10 percent to 20 percent of all claims may be fraudulent. The impact is enormous. Fraud losses weaken an insurer’s financial position and undermine its ability to offer competitive rates and to underwrite reputable and potentially profitable business. For policyholders, fraud losses lead to higher premiums. In this supposedly victimless crime, everybody ends up paying the price. Governments have responded with new regulations and centralized fraud bureaus. Insurance companies have responded by establishing special investigative units (SIUs) armed with computer-based tools to detect and prevent fraud. Yet the problem continues to grow, and in recent years, it has grown significantly.

Spotlight

Insurance companies should consider the possibility that 10 percent to 20 percent of all claims may be fraudulent. The impact is enormous. Fraud losses weaken an insurer’s financial position and undermine its ability to offer competitive rates and to underwrite reputable and potentially profitable business. For policyholders, fraud losses lead to higher premiums. In this supposedly victimless crime, everybody ends up paying the price. Governments have responded with new regulations and centralized fraud bureaus. Insurance companies have responded by establishing special investigative units (SIUs) armed with computer-based tools to detect and prevent fraud. Yet the problem continues to grow, and in recent years, it has grown significantly.

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