Magazine

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Sep 2014

Country Profile


Growth still assured

Growth is still in the air despite the strong headwinds to be overcome. The industry is in a better shape than ever as reform and liberalisation are in gear and China's central government is expected to accelerate the pace to develop the private insurance industry.

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Life: A greater emphasis on protection

A change in bancassurance regulation from 1 April this year is placing a greater focus on protection products. And while it is perceived that prospects in alternative distribution platforms could have even leapfrogged those in the western world, agency and bancassurance are still the dominant channels and will remain so for a while. Industry players share their views, and also where they see the prospects are. By Benjamin Ang

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Life: Achieving success in China

There is no doubt that China is a tough market. Foreign life insurers' market share has remained in single-digit over the years. Here is a list on how to improve the odds of success. By Benjamin Ang


Non-life: Motor liberalisation - Still a long journey for foreign insurers

Foreign insurers were given access to the compulsory motor third-party liability insurance sector in May 2012. Two years on, CIRC is expected to liberalise the setting of motor insurance premiums by end of September this year. While industry players we spoke to agree that it is a move in the right direction, it will not be a market-changer in the short term, especially for those who expect that it is a chance for foreign players to grab market share. By Benjamin Ang

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Carve your niche

In China, even niche insurance classes can be big business. We look at the health insurance sector's inevitable growth with the increasing demand for better healthcare services and the introduction of new insurance products in the agriculture insurance market which is now second largest in the world after the US in terms of premium. By Benjamin Ang

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A closer look at C-ROSS

The new solvency regime - China Risk Oriented Solvency System (C-ROSS) - is expected to come into effect in 2016. A shift in mindset is needed to adapt to this new regulation, which could shape not just China, but also other high-growth markets. By Benjamin Ang

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CIRC issues insurance M&A measures

By Ms Lynn Yang, Partner, and Ms Tong Ai, Associate, both at Norton Rose Fulbright.