TOKYO -- Chinese low-cost insurer ZhongAn Online P&C Insurance is set to launch an overseas expansion drive by entering the Japanese market, jolting local players into speeding up their own digital push.
The Shanghai-based company last month formed a business partnership with Sompo Japan Nipponkoa, a 130-year-old peer and the third-largest nonlife insurer in its home market.The two companies hope to tap into a market that is expected to triple to 179 billion yen by 2021, according to a forecast by Yano Research Institute in Tokyo.
