It is reported that China Insurance Regulatory Commission has approved the establishment of an online insurance company initiated by Alibaba, Tencent and Ping An, one of the biggest insurance companies in China. In last August, Ma Zheming, board chairman and CEO of Ping An Insurance (Group) Co., confirmed that they were working with the two Internet giants on building such a business. The company, named Zhong An Online Property Insurance, is headquartered in Shanghai.

Alibaba holds a 19.9% stake and the other two big shareholders take 15% each, according to media reports. Other participants include Ctrip, with 5% stake, and another five tech or investment companies.

The company isn’t for selling existing insurance policies online, but for creating new insurance policies tailored to online economy, covering virtual property, e-commerce, social networking and other online activities. Virtual property gained from online games will also be covered, according to Ma Zheming.

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Tracey Xiang

Tracey Xiang is Beijing, China-based tech writer. Reach her at traceyxiang@gmail.com