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Business trends

ZhongAn Insurance's entry sparks shift to digital products in Japan

Pioneer of online insurer targets traditional market in first step of expansion drive

ZhongAn Insurance, the largest online insurer in China, targets younger generations with its low-cost products.   © Reuters

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. 

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