The Chinese insurance industry posted total gross premium amounting to CNY3.96trn ($604bn) in the first 10 months of this year, representing an increase of 6.9% over the corresponding period in 2019, according to data from the CBIRC.
The deepening of comprehensive motor insurance reform, that was introduced in September 2020, will mean that growth of auto insurance premiums in 2021 will continue to be under pressure. This in turn will further drag down the premium growth rate of the P&C insurance sector, according to projections by Huibao World
The growth of non-auto insurance premiums is expected to accelerate in 2021, with double-digit growth rates forecast for lines such as freight insurance, corporate property insurance, and agricultural insurance, according to a report in Huibao World.
Motor insurance business showed an increase in premium income of 3.82% to CNY682.7bn ($104bn) in the first 10 months of this year compared to the corresponding period last year.
CPIC Allianz Health Insurance has announced a proposed change in shareholders with the Allianz Group transferring all its shares in the health insurer to China Pacific Insurance Group and CPIC Life Insurance.
Property insurance companies in China reported a combined net loss of CNY11.9bn ($1.8bn) for the first 10 months of this year, according to industry data.
Nasdaq-listed Fanhua, a leading insurance intermediary in China, placed its agency expansion plan on the backburner due to the COVID-19 pandemic, said Mr Wang Chunlin, CEO and chairman of the company.
The average comprehensive solvency adequacy ratio of 178 insurance companies was 242.5%, while the average core solvency adequacy ratio was 230.5% at 30 September 2020, according to data from the CBIRC. These ratios were lower than a year ago.
South Korean investment bank Mirae Asset Daewoo has said that it won a US court case against Anbang Insurance Group, after Mirae Asset affiliates scrapped a $5.8bn deal to buy 15 US hotels from Anbang, reported Reuters.
New office premiums on insurance policies purchased by mainland Chinese visitors in Hong Kong plunged by 68.3% to HK$266m ($34m) in the third quarter of this year, leading to a cumulative drop of 81.9% to HK$6.5bn in the first three quarters.