The CBIRC's new health insurance regulations, that will take effect from 1 December, will encourage differentiation and product innovation in the industry's health product offerings, says Moody's Investors Service in an article in the 18 November 2019 edition of "Moody's Credit Outlook".
Leading UK insurer Aviva has asserted that it is retaining its businesses in China and Singapore. Aviva is continuing to explore strategic options for its operations in Hong Kong, Vietnam and Indonesia, with its respective partners in each country, the company said in a statement.
Global insurer Allianz has received approval from the CBIRC to commence operation of China's first fully foreign-owned insurance holding company. With this, Allianz will strengthen its proposition in the country and position the business to capitalise on the fastest-growing economy in the world, the insurer said in a statement.
China's insurance sector posted strong profit growth in the first three quarters due to improved operations and government tax reductions, according to a report by Xinhua News Agency.
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.