Magazine Table of Contents
What everyone knows, but not everyone understands, is that insurance in China is done on a different scale. A visit to the Ping An Financial Centre drives the message home.
China’s insurance industry is dominated by a few large groups controlling over 80% of market share. How can small and medium firms hope to compete and grow?
A.M. Best’s director, analytics (Asia Pacific) Christie Lee provides a roundup of the latest developments in the Chinese insurance market.
China’s six most profitable insurers last year commanded a combined net profit of CNY129.6bn, which represented 89.57% of the life sector’s aggregate net gains for the year.
The next phase of the China Risk Oriented Solvency System, which would be C-ROSS Phase II, will introduce tighter requirements such as the expansion of look-through analysis to more asset classes. The changes will narrow the gaps between C-ROSS and Solvency II in Europe, says Moody’s Investor Service in a recent report.