Ping An files claim for losses from Fortis

Chinese insurer Ping An is seeking compensation for losses on its investment in failed Belgo-Dutch bank Fortis through an international arbitration body sponsored by the World Bank.

Ping An, the world's second biggest life insurer by market value, lost about $3 billion when Fortis was nationalized and sold off during the 2008 financial crisis, damping China's appetite for further European financial services deals.

The insurer filed a request for arbitration proceedings against Belgium at the International Center for Settlement of Investment Disputes (ICSID) on September 19, according to the Washington-based body's website.

It is the first firm in the Chinese mainland to pursue a claim through ICSID, but others could follow suit as they seek to protect their growing investments outside China, said Andy Moody, a partner at British law firm Eversheds.

"This might signal the beginning of a wave of Chinese claims if you think about the commodities they've been buying, and the investments they've made in commodity-related companies around the world," Moody told Reuters.

"There are bound to be any number of outward investments they have made in the last five to 10 years which may now be starting to run into problems."

If Ping An's claim is successful, Belgium could be ordered to reimburse the insurer for the loss of its stake in Fortis, taken into public ownership after being overwhelmed in the 2008 banking meltdown.

ICSID was set up in 1966 to resolve disputes over alleged breaches of investment treaties between countries, and has over 140 member states.