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China: P&C sector sinks into the red for 9M2020

Source: Asia Insurance Review | Dec 2020

P&C insurers in China are estimated to have incurred a combined net loss of CNY2.12bn ($318m) for the first three quarters of this year, turning around from a net profit of CNY45.2bn in the corresponding period in 2019.
A deterioration in underwriting performance explains the loss. The underwriting results of P&C insurers in the first three quarters were losses of CNY2.8bn compared to gains of around CNY3.9bn for the corresponding period last year.
The three largest insurers, PICC, Ping An and China Pacific, reported net profits totalling CNY31.9bn for the first nine months of this year. This means that as a group, the remaining general insurers, numbering around 80, posted an aggregate net loss of CNY34bn for the period. A 
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