Magazine Table of Contents
China’s insurance mart expanded by 27.5% to CNY3.09 trillion in 2016, and a 20.45% y-o-y growth in the first eight months of 2017 to CNY2.77 trillion. Changes though are brewing in the insurance industry.
Aside from embracing global megatrends of digitalisation and automation, industry players have also had to grapple with the slew of CIRC measures introduced in the last couple of years to strengthen both market and the players. China is resilient, says everyone. Companies race to blaze the market, in innovation and product development. Both local and foreign insurers agree that the market is simply dynamic and potential is abundant.
Chinese giant Ping An Group is synonymous with innovation and progress in the industry. In this exclusive, Executive Vice President and Chief Insurance Business Officer Lee Yuansiong shares tips on blazing the innovation trail.
Fast-growing economy, digital economy, sharing economy, China has them all. Mr Eric Gao of Lloyd’s Insurance Company (China) Limited gives an overview and their outlook of this dynamic market.
Virtually no other insurance market is changing as dynamically as the Chinese non-life market. This becomes clear just from looking at global megatrends like digitalisation and automation. While these topics dominate discussions about the future in many markets – almost to the exclusion of all others – in China, they are only part of a long list of challenges. Mr Christoph Hoch of Munich Re Greater China, explains what these challenges are, what the government is doing about them, and how insurers can benefit from cooperation with Munich Re on the road to the future.
There is no doubt China’s (re)insurance industry holds abundant potential, especially with strong governmental support. But to continue on the success track, Swiss Re’s President of China, Mr John Chen, says the market also needs a paradigm shift in underwriting.
Despite being the second- largest agricultural insurance market globally, there is still a protection gap in this sector in China. Ms Arina Tek of Peak Re suggests ways this can be addressed.
China’s non-life insurance industry has traditionally been underpinned by motor insurance, but that is changing. We spoke to Mr Qin Lu, CEO for both Aon Benfield Greater China and Aon Risk Solutions, China at the recent Rendez-vous de Septembre for his perspective on the industry’s new growth opportunities and the impact of regulatory developments on the mainland.