China Pacific Insurance Group (CPIC) has become the latest investor in B3i, a blockchain solutions provider which is 100% owned by insurance market participants around the world.
Continuing the Asia Insurance Review Country Podcasts, this episode discusses the Insurance Industry in China.
Chinese Internet giant Tencent is the lead investor in the Series B equity financing round of Xiaobangguihua, an InsurTech and online investment advisory service platform.
A total of 148 drugs have been newly included to the main list of drugs covered by China's basic medical insurance, work-related injury insurance and childbirth insurance plans according to a report from state media Xinhua News Agency. The inclusion is to take effect on 1 January 2020.
Linkages between China's banks and insurers are strengthening, with major banks set to raise large amounts of capital over the next 18 months, notes S&P Global Ratings. Insurers are natural buyers of the banks' capital instruments, which offer yield, duration, and supportive regulatory settings.
The treatment costs for four chronic and aging-related diseases account for over half of China's medical insurance expenditure, according to an official from the National Health Commission (NHC).
Recent developments in China's insurance sector have resulted in a more open market, providing investment opportunities to foreign investors as well as better oversight of domestic Chinese insurers and domestic investors in foreign invested insurance companies (FIE), according to a report by international law firm Allen & Overy. Chinese regulators are expected to take further measures to expand the insurance market, the report said.
China Life Insurance, the biggest life insurer in China, has posted steady growth in its premium income in the first seven months, company data show.
Ping An Insurance (Group) Co, the country's largest insurer by market value, posted a 68.1% jump in first-half net profit, the fastest pace of growth in more than a decade, on a rise in retail customers, reported Reuters.
The digital transformation of property insurance will be different from that of life insurance, say respondents to a poll on technology in insurance. They also believe that life insurance companies and property insurance companies will apply InsurTech in significantly different ways.