Chinese non-life insurers are discovering a silver lining to the cloud spreading...
HONG KONG/BEIJING - Chinese non-life insurers are discovering a silver lining to the cloud spreading over China’s economic performance from the coronavirus outbreak - a sharp drop in car accident claims.
Beijing’s efforts to contain the new coronavirus have included widespread travel and quarantine restrictions across the country and although these are now being lifted, the loss of economic and social activity meant there were few cars on the road in late January and February. A senior PICC executive based in Ningbo in China’s northeast Zhejiang province, the second worst-hit by the virus outbreak, said he expected auto insurance claims and settlements to drop in the first quarter in his city.
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