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Jun 2019

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China: Insurers struggle with immediate operational concerns

Source: Asia Insurance Review | Feb 2019

Small and medium-sized insurance companies are facing operational and financial pressures, according to an assessment by United Credit Ratings.
 
The challenges they face include tightened supervision, capital needs and motor pricing reform that have led to pressure on premium rates. They have failed to make underwriting profits for many years.
 
Compared with large insurance companies, small and medium-sized insurers lack the edge in product design capability, channel development capability and brand influence. 
 
Presenting a stark picture, HuaAn Property Insurance executive director and president Tong Qing said that while the top Chinese insurance giants such as PICC and Ping An talk about prospects for the future, including how technology empowers and develops their business, small and medium-sized insurers are struggling with the more immediate issues of sustaining operations. A 
 
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