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.
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.
Sun Life has appointed Mr Randy Lianggara as president, emerging markets, Asia, effective 1 November 2024. In this newly created role, he will help to drive growth across Sun Life's businesses in the fast-growing emerging markets of Indonesia, Vietnam and Malaysia, as well as oversee the company's joint venture with China Everbright Group in mainland China.
Insurers are expanding into the family office space in Hong Kong and Singapore to target the needs of wealthy families in line with consumer demand, says global management consultancy McKinsey & Co.
The key to Taiwan developing itself as an Asian asset management centre is whether the island can lure NT$36tn ($1.13tn) of life insurance funds to stay at home, according to Ms Wang Li-Hui, the director-general of the Insurance Bureau of the Financial Supervisory Commission (FSC).
A new report on employee benefits in corporate India reveals that mental wellness is today a critical area of employee wellbeing programmes across India's corporate sector.
Chubb Life Assurance (Chubb Life Thailand) has launched its 678 Step Savings, a new savings product with life insurance designed to help customers achieve their financial planning goals.