China's National Financial Regulatory Administration recently released data showing that health insurance premiums totaled CNY977.4bn ($134bn) in 2024, marking an 8.2% year-on-year growth. However, this figure fell slightly short of the industry's earlier projection of CNY 1tn. Among the total, life insurers generated CNY773.1bn in health insurance premiums, up 6.15%, while property insurers recorded CNY204.3bn, reflecting a 16.6% increase.
According to local media, as of February 5, ten Chinese property insurance companies, including Asia-Pacific P&C Insurance, Qianhai Property Insurance, Hua'an Insurance, Bohai Property Insurance, Anhua Agricultural Insurance, and Dubon Insurance, have suspended new online insurance business.
These are the updates on insurance regulation across China this week.
Singapore's life insurance industry ended the year strong with a 19.7% growth, reaching a total of S$5.87bn ($4.34bn) in weighted new business premiums for YTD 4Q2024, compared to last year, primarily due to an increase in the annual premium business, said the Life Insurance Association of Singapore.
Manulife has unveiled a brand campaign in Hong Kong to empower the younger segment to rethink their mandatory provident fund (MPF) and take control of their retirement planning.
A family wealth management survey recently conducted by Hang Seng Bank that interviewed over 500 Hong Kong residents aged 30 to 55 with liquid assets of HKS1m ($130,000) or more revealed that young affluent families set a savings goal of HK$18m to achieve various life objectives. However, many respondents lack a comprehensive financial plan.
A new health insurance plan for senior citizens and individuals with pre-existing conditions will be launched in April.
A recent survey by business insights company MDRi, has revealed a diverse array of health and medical insurance needs across Hong Kong and Singapore.
At the annual forum of the Universal Health Insurance, Egypt's Prime Minister Mostafa Madbouly reaffirmed Egypt's unwavering commitment to strengthening its healthcare sector.
General Retirement & Social Insurance Authority and Qatar Credit Bureau have signed a membership agreement to facilitate the exchange of credit data and information between the two entities.