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Apr
14
JV in China sought by US Health Insurer
Posted on Apr 14, 2010 by Sergio Ulloa (G+)
WellPoint Inc., a health benefits provider in the US, is looking for a joint venture (JV) partner in China to set up a health insurance company by 2011. Angela Braly, the president and CEO of the company, has recently visited China to meet potential partners and the Chinese regulator in charge of this industry. The characteristics sought in the JV partner include sharing the same vision as WellPoint and may not necessarily be an insurance company. Back in 2004, the German private health insurer DKV Deutsche Krankenversicherung AG, acquired a 19.9 percent stake in the PICC Health Insurance Co., the first health insurer in China. Given the current progress with the implementation of their health reforms, China is becoming increasingly attractive for foreign insurers looking to take a share of business in this huge market, particularly the private health insurance segment, which is quickly becoming an important complement of the insurance programmes undertaken by the Chinese government. According to figures from the China Insurance Regulatory Commission, health insurance premiums for the first two months of this year reached US$1.6 billion (EUR 1.17 billion), which amounts to a 34 percent increase compared to the same period in 2009. Insurance Companies mentioned: WellPoint
WellPoint is the largest health benefits company in USA, with more than 33 million members in its affiliated health plans. As an independent licensee of the Blue Cross and Blue Shield Association, WellPoint serves members as the Blue Cross licensee for California; the Blue Cross and Blue Shield licensee for Colorado, Connecticut, Georgia, Indiana, Kentucky, Maine, Missouri (excluding 30 counties in the Kansas City area), Nevada, New Hampshire, New York (as the Blue Cross Blue Shield licensee in 10 New York City metropolitan and surrounding counties and as the Blue Cross or Blue Cross Blue Shield licensee in selected upstate counties only), Ohio, Virginia (excluding the Northern Virginia suburbs of Washington, D.C.), and Wisconsin. In a majority of these service areas, WellPoint does business as Anthem Blue Cross, Anthem Blue Cross Blue Shield or Empire Blue Cross Blue Shield (in the New York service areas). WellPoint also serves customers throughout the country as UniCare.
DKV
DKV Deutsche Krankenversicherung AG (DKV) is the largest private health insurer in Europe and operates in seven European countries. With over 7.6 million customers and premium income of over EUR 5 billion. As an international health care manager, DKV offers to their customers the best possible medical and non-medical services - at all times and around the globe. In Europe, DKV's successful activities extend from Spain and Italy over Luxembourg, Belgium to Norway and Sweden (joint venture). In 1997/1998, Victoria, Hamburg-Mannheimer and D.A.S. merged with DKV to form the ERGO Insurance Group. ERGO is one of the major insurance groups in Europe; the majority shareholder is Munich Re.
PICC
PICC Health Insurance Company Limited (PICC) was officially launched on Apr 8, 2005 as the first professional health insurance company. PICC Health is a modern shareholding insurance enterprise sponsored jointly by PICC Group, DKV, the largest private health insurance company in Europe and other famous enterprises. PICC Health has actively introduced international advanced technology extensively consolidating external social resources and strives to provide the broad masses of people with health security, implementation of health management, which has been leading the professional health insurance market in order to realise the health of public and the harmony of society.