China’s PICC eyes micro loans to boost returns

China’s largest property-and-casualty insurer, PICC, wants to fill the gap left by banks when it comes to micro loans, and this may herald a wholesale shift by non-bank institutions into this area. Mainland insurance firms are seeking ways to bost returns amid prolonged low interest rates, and micro-finance is seen as a clear opportunity. They will need approval from the banking regulator to proceed, but appear to have the government’s backing as part of its support for ‘inclusive…