The CBIRC has issued its revised health insurance regulation that for the first time provides for health management services.
Health insurance premiums in China will grow by 14% annually over the next 10 years, and China's share of global health premiums will rise from less than 2% today to 4.2% in 2029, forecasts Swiss Re Institute (SRI) in a sigma report released earlier this week.
More granular segmentation of the mid-end private medical insurance (PMI) market is expected in China in the short- to medium term, notes Swiss Re Institute (SRI) in a new sigma report.
Even as health insurance business in China is growing rapidly, attention is being drawn too to the quick rise of the loss ratio in this class of business, pointed out Mr Addise Li, head of health, Greater China, at Aon Benfield.
Within one year of introduction, more than 50 insurance companies were selling Million Medical products, and premiums soon exceeded CNY15m, accounting for nearly 10% of the total PMI market in 2017. A key success factor of the Million Medical product in China has been rising awareness of the need to have sufficient protection against health-related risks, says Swiss Re Institute (SRI) in a new sigma report.
The Chinese insurance regulator is drawing up plans for a national classification system covering intermediaries.
Pacific Life Re is planning to establish a branch in Shanghai to tap the Chinese market which it sees a new growth engine for the group.
Funde P&C Insurance and a health technology company, Beijing Dekanglai have launched jointly occupational health liability insurance products to protect against losses from occupational diseases.
The eastern city of Hangzhou, which is the capital of prosperous Zhejiang Province, has launched a start-up insurance scheme which offers up to CNY10m ($1.42m) to cover research and development costs in the event of the failure of a start-up project.
The CBIRC has removed administrative sanctions against ChangAn Property & Liability Insurance after the company injected funds to improve its solvency position. The move allows the company to resume normal business.