China's insurance regulator is being more cautious with its approvals of new (re)insurance companies.
Two-thirds in Mainland China now use digital channels when purchasing a P&C product.
The regulatory and government policy changes implemented in the past two years have a direct impact on the way the local (re)insurance market operates.
Munich Re is making changes to its strategic set-up in the region in order to keep pace with the dynamic expansion in Asia-Pacific (APAC) markets.
Chinese life insurers are showing a decreasing trend in their solvency positions under China's Risk-Oriented Solvency System (C-ROSS).
Chubb has opened its Guangdong Branch in the heart of Guangzhou, Southern China. The new branch is licensed to provide commercial property and casualty and personal lines products and services to customers in Guangdong province.
China' gross financial assets grew at 18.3% last year. It is the highest growth in Asia and the rate was almost four times as fast as the global average rate of increase.
To encourage individuals to save for their old age, the introduction of an income tax-deferred pension plans, including commercial ones, is on the horizon.
Sunshine Insurance Group has become a major shareholder of Inner Mongolia Yili Industrial Group, China's leading dairy products manufacturer, after increasing its stake, according to a Yili statement filed on the Shanghai Stock Exchange.
China is planning to build more than 60 nuclear power plants over the next decade.
" We’ve achieved this through multiple avenues: constantly challenging our process efficiency and effectiveness, offshoring, investment in IT and automation and introducing hubs so that we don’t necessarily have to process everything in every country."
- Ms Sinead Browne, COO of Allianz Global and Corporate Specialty (AGCS)
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