Online insurance startups are growing in numbers in China with 13 of them raising a combined CNY1 billion (US$145 million) in the 13 months to February 2017. Online insurance ventures that attracted private equity funding last year included CreditEase Insurance Agency and the Huize insurance business platform. Chuancai Securities notes that online insurance startups are encouraged by the rapid digital transformation of the insurance industry. It says that considering that overall insurance penetration in China is still low, the room for growth of online insurance remains huge and financing would remain active, particularly in the primary market. Zhong An Online Property and Casualty Insurance, China's first online-only insurer, is planning an IPO in the country that could result in it raising up to US$2 billion. Online insurance premiums have ballooned from CNY3.2 billion in 2011 to CNY234.7 billion last year. The number of companies selling insurance online increased from 28 in 2011 to 117 last year.