China Taiping Insurance Group is preparing to commence operations in Luxembourg with the country to serve as the springboard for the group to other EU markets.
Nasdaq-listed Fanhua, a leading independent technology-driven financial services provider in China, has signed a strategic cooperation agreement with Baidu AI Cloud to jointly develop "Du Xiaobao", an AI-Powered insurance sales assistant application for the agency channel.
The Insurance Association of China (IAC) has issued its "Proposal on the Insurance Industry Pro-Actively Carrying Out Anti-Insurance Fraud Work". The proposal, issued on 12 June, states that insurance fraud must be dealt with severely and is not to be tolerated.
Taiping Science and Technology Insurance Co (Taiping Technology) is seeing its first change of shareholders after six years of establishment during which it has been making losses.
Aioi Nissay Dowa Insurance (China) Company (ADIC), part of the Mitsui Sumitomo Insurance group, generates an adequate performance as demonstrated by a five-year operating ratio of 95% and a five-year average return-on-equity ratio of 6% (2019-2023), notes AM Best
Some insurance companies in China will halt on 30 June the sales of incremental wholelife insurance policies that have an assumed interest rate of 3% and instead launch new policies with an interest rate of 2.75% on 1 July.
The Insurance Association of China (IAC) and the China Automobile Maintenance & Repairs Trade Association (CAMRA) have issued jointly a standard covering the repairs and replacement of common spare parts for vehicles involved in accidents.
The number of family offices in China has been growing, with insurance companies being relatively new players in the market.
China Life Insurance, the country's biggest insurer, is purchasing half of a Beijing property project for CNY3.1bn ($436m).
More than 60m people have opened private pension accounts since the introduction of China's private pension system in November 2022, data from the Ministry of Human Resources and Social Security showed.