Baidu has teamed up with Allianz, the European financial services company, in a bid to launch an online insurance service in China. The joint venture will also include Hillhouse capital, according to a report by the Financial Times.

Online insurance in China is growing rapidly. Statistics from the Insurance Association of China show that in the first half of 2015 revenues from Chinese insurance premiums sold online reached 82 billion RMB, a 206% increase on the same period in 2014.

Currently these sales account for just under 5% of the total industry, though a report from Ping An Securities released in April suggests that number could exceed 30% by 2019.

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Cate Cadell

Cate is a tech writer. She worked as a journalist in Australia, Mongolia and Myanmar. You can reach her (in Chinese or English) at: @catecadell or catecadell@technode.com