The China Banking and Insurance Regulatory Commission (CBIRC) will continue an agreement which allows lower capital requirements for mainland Chinese insurers who cede businesses to qualified Hong Kong professional reinsurers under the 'China Risk Oriented Solvency System'.
China's state pension system is "generally stable" and can pay for various social security programmes in full and on time, including the basic pension, Mr You Jun, vice minister of human resources and social security, has said.
Chinese news app is again launching new health insurance products on its platform, only months after previous promotions were deleted, according to an investigation by a media outlet.
ZhongAn general manager and joint CEO Chen Jin has resigned due to a 'personal work arrangement' and deputy general manager and joint CEO Jiang Xing will fully assume the former's duties, reported Caixin Global. This signals an end to the Chinese InsurTech's joint leadership arrangement which saw Mr Chen and Mr Jiang share responsibilities of the CEO role together.
An independent risk management society should be set up in China as soon as possible, says a report co-published by the London-based Institute of Risk Management (IRM) and the Research Centre for Risk Management (RCRM) at the Hubei University of Economics.
China's universities usually provide the fundamental and compulsory professional risk management courses. Experimental courses in risk management are relatively few and far between, due to the unique application and cost, according to the findings of a survey on risk management education courses in Chinese universities.
The life insurance industry in China as a whole is expected to grow by 5%-10% in the second half of this year, according to industry analysts.
With the return on equity (ROE) in insurance companies in China falling, industry observers suggest that buying wealth management products would be a better investment than acquiring a stake in insurers.
Thirty two shareholders of insurance companies have announced plans to divest themselves of their stakes in insurance companies in the year to date. In addition, four investors plan to decrease their stakes in insurers.
Insurance companies in China increased their capital by CNY76bn ($11.1bn) during the first six months of the year, mainly to ease operational pressures brought about by portfolio transformation and redemption payouts. The additional capital is also to improve the governance structure and optimise solvency.