The lowering by the authorities of assumed interest rates offered in life insurance plans has given a fillip to the life insurance market in China.
In the first eight months of this year, China's five major insurance companies listed in the A-share market reported a combined CNY2.165tn ($305.7bn) in total premium income, increasing by 5.63% over the corresponding period in 2023.
AM Best has maintained its 'Stable' outlook on China's non-life insurance segment, citing several factors that include a supportive regulatory environment, increased health insurance awareness, and strong growth potential in the electric vehicle insurance market.
Beijing-based Internet insurance intermediary platform company Yuanbao has filed for an initial public offering in the US, following in the footsteps of several other Chinese online insurance companies that are currently listed on either Nasdaq or the New York Stock Exchange.
The Central Commission for Discipline Inspection (CCDI) of the Communist Party of China and the state's National Supervision Commission (NSC) have pointed out problems with agricultural insurance claims, including fraud, discrepancies in funds, and delays in post-disaster claim payments, in many parts of the country.
The Shanghai property insurance industry has received at least 29,400 claims for over CNY500m ($71m) for losses caused by Typhoon Bebinca, the strongest typhoon to slam Shanghai since 1949, according to Shanghai Financial Regulatory Bureau.
The agency forces of leading life insurance companies in China are undergoing reform, with the insurers turning to financial planners. The professional planners offer advice on insurance, health and wealth, retirement, wealth and health insurance, and full life-cycle.
A survey has found that more than half of the respondents from cities that carry out the private individual pension pilot scheme have not yet participated in the programme.
The Hong Kong Consumer Council has advised motorists to understand the adequacy of their cross-border motor insurance policies and the differences in coverage concepts between Hong Kong and mainland China.
COSCO SHIPPING Captive Insurance Co will continue to focus on fixed-income oriented assets, which are expected to provide a stable stream of investment income, says AM Best.