China’s largest property insurer, PICC Property and Casualty Co, has raised $978.5 million in an initial public offering (IPO). The IPO attracted a frenzied response among buyers in Hong Kong, with insurance stocks flavour of the year. Two more major Chinese insurers will reportedly raise up to $5.6 billion later this year as they launch their own IPOs. It’s all part of the market liberalisation that is sweeping China. The next insurers to launch their IPOs are expected to be life insurance giant China Life Insurance and second-ranked general insurer Ping An Insurance.