China's auto insurance market has provided remarkable figures in its latest report. The industry has undergone a major transformation since the comprehensive reforms of 2020. With changes in pricing structures, the implementation of unified reporting and execution, industry-wide self-discipline, and stricter regulatory oversight, auto insurance has shifted onto a sustainable growth trajectory.
China's insurance industry maintained strong growth in 2024, with total original insurance premium income reaching approximately CNY5.7tn($798bn), marking an 11.15% year-on-year increase, 2.01 percentage points higher than in 2023. This also marks the third consecutive year of growth in original insurance premium income since the industry's deep transformation.
On January 23, China's State Council Information Office held a press conference to outline efforts to encourage long-term capital inflows into the stock market and promote high-quality development of the capital markets. A day earlier, six key regulatory bodies-the Central Financial Commission, China Securities Regulatory Commission (CSRC), Ministry of Finance, Ministry of Human Resources and Social Security, People's Bank of China, and National Financial Regulatory Administration-jointly issued the Implementation Plan on Encouraging Long-Term Capital Inflows into the Market.
According to local Chinese media reports, regulators have recently solicited industry feedback on strengthening oversight of non-auto insurance "unified reporting and execution" practices.
With the TikTok ban driving massive traffic to Rednote (formerly Xiaohongshu), insurance companies and banks are eagerly joining the platform, publishing bilingual content to introduce their services.
The Brand Finance Global 500 2025 report was officially released in Davos, Switzerland, highlighting the world's most valuable brands. The report reveals that over 60 Chinese brands have made it onto this year's ranking of the 500 most valuable global brands.
These are the highlights for all events and updates across the industry this week.
These are the updates on insurance regulation across China this week.
The AIA Group is expected to report a 23% year-on-year growth in its value of new business (VONB) for the fourth quarter of 2024, driven by a rebound in China and strong sales in Hong Kong and Singapore, according to UOB KayHian.
Chinese insurance consumers showed the highest acceptance of AI driven insurance solutions whilst Australians were the least receptive to these according to GlobalData 2024 Emerging Trends Insurance Consumer survey.