The average vehicle premium of nearly 60% of the 62 motor insurance companies that have provided such data declined in the first quarter of this year compared with the fourth quarter of last year.
The National Financial Regulatory Administration (NFRA) has granted approval to Shenzhen BYD Property Insurance to adopt statutory automobile liability insurance (SALI) terms and premium rates in eight markets in China.
As real estate investment and property sales continue to decline in China despite recent policy adjustments, the sector acts as a drag on the overall economy, writes Ms Yingrui Wang, China Emerging Market Economist of AXA IM Core Research.
Winter storms in February and massive floods in April in China have intensified attention on natural catastrophe insurance, particularly multi-hazard coverage.
Although the capital market in China in 2023 was in the doldrums, insurance asset management companies' overall performance last year was basically stable, with a slight growth. This was after experiencing a significant decline in revenue and profits in 2022.
The National Financial Regulatory Administration (NFRA) has issued the "Notice on Matters Concerning the Insurance Agency Business of Commercial Banks", to promote the standardised and healthy development of bancassurance, better meet the diverse needs of consumers, and protect consumers' legitimate rights and interests.
Sixty unlisted life insurance companies in China posted a combined net loss of CNY3.40bn for the first quarter of this year, according to data compiled from their 1Q2024 solvency reports.
The financial data of 79 unlisted property and casualty insurance companies that have published their 1Q2024 solvency reports show that they posted a combined net profit of CNY2.03bn ($281.5m) in the first three months of this year.
Out of seven insurers in China, outlooks for six were rated 'negative', according to Fitch Ratings, while t the seventh remained 'stable'. A 'negative' outlook "reflects a potential decline in the willingness and ability of the government to support insurers with weaker standalone credit quality, during times of financial stress", Fitch said.
China's contribution to French global reinsurer SCOR's overall business is expected to increase to at least 10-15% in the next 10 to 20 years, with income from insurance premiums in China set to double or even triple, said Mr Thierry Leger, CEO of SCOR.