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Business Insight

Ping An's rainy day policy isn't insurance

Chinese group's tech-centered diversification will tide it through COVID troubles

Founder Peter Ma's retirement in July as chief executive has added to the stresses facing Ping An Insurance Group, though he remains chairman.     © Reuters

With the coronavirus pandemic sickening millions and disrupting economic activity worldwide, insurers across the globe have seen policy sales stagnate even as claims rise. Market volatility has meanwhile shaken up their investment portfolios.

Extreme weather events driven by climate change and competitive pressures from digital upstarts already had many insurance companies under pressure. Even with a comparatively resilient economy and a robust stock market recovery, Chinese insurers are feeling the squeeze too, particularly as the country wrestles with its worst summer flooding in decades.

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