Zhibao expands homeowners' insurance to Nanjing

The product is backed by six insurers.

Chinese insurtech, Zhibao Technology, announced that its subsidiary, Sunshine Insurance Brokers, has secured a contract to provide its homeowners' insurance product, "Hui Jia Bao," in Nanjing. 

Marketed locally as "Ning Jia Bao," the product is backed by six insurers, with the People's Insurance Company of China's Nanjing branch leading the panel.

Hui Jia Bao, launched in Quanzhou in December 2023, has since been rolled out in nine additional cities across China. Nanjing, the capital of Jiangsu Province with over 9m residents, is the latest to adopt the product, which offers coverage starting at CNY 99 per year. 

The solution is designed to provide affordable homeowners' insurance, especially for low-income individuals, in collaboration with local governments and insurers.

Zhibao expects the Hui Jia Bao solution to generate up to CNY230m in premiums and CNY46m in revenue over the next three years.