The CBIRC has drafted a five-year plan for life insurance that among other things would raise the upper age limit for insurance coverage so as to meet the protection needs of senior citizens older than 70.
China is reviving a sale of Dajia Insurance Group, the company that took over most of the operations of troubled Anbang Insurance Group, as the government seeks to turn the firm over to private investors, reported Bloomberg quoting people with knowledge of the matter.
China's major life insurers saw their agency forces vary in strength last year as they adopted different strategies to cope with the impact of the COVID-19 pandemic that affected face-to-face marketing.
China Pacific Insurance (Group) Co (CPIC) has posted GWP of CNY362.06bn ($55.27bn) in 2020, a growth of 4.2% compared with 2019. Group operating profit after tax grew by 11.7% to CNY31.14bn last year, although group net profit reached CNY24.58bn, down by 11.4%.
Hong Kong-based Chinese state-owned insurance group, Taiping, has posted profit attributable to owners of HK$6.549bn in 2020, a decline of 27.3% over 2019. This was despite total premiums written and policy fees reported of HK$233.5bn ($30bn) last year, an increase of 4.7% over 2019.
The proportion of male consumers who buy insurance has increased year by year, from 59.3% in 2016 to 72.7% in 2020, according to a report released by China Insurance Protection Fund.
The Life Insurance Association of Singapore (LIA) has said that health insurance claims accounted for 81% of the growth in costs experienced by private Integrated Plan (IP) portfolios from 2010 to 2019.
The majority of global CEOs will wait for more than 50% of the population to be vaccinated before returning to the office and nine out of 10 leaders intend to ask their employees to report when they have been vaccinated in order to protect the wider workforce.
The overall wellbeing in Hong Kong improved slightly by 0.4 points between August and October 2020 (from 56.4 to 56.8) and was lower than the global average of 61.5 according to Hong Kong findings of the latest edition of Cigna COVID-19 Global Impact Study.
The claims ratio for group term life insurance (GTLI), a plain vanilla insurance product providing only death risk cover, has reached 200% at some insurers, says Mr Mani Kant, vice president of India Insure Risk Management & Insurance Broking Services.