Despite slower economic growth, life premium growth in China will be supported by an increasing share of regular premium products and improving product mix, says Moody's Investors Service in a new report released yesterday and titled " Insurance-Asia Pacific 2020 Outlook".
China's biggest insurer by market capitalisation Ping An has established a leading group for the reform of its life insurance business.
The CBIRC has issued a regulation to life insurers that stipulates that insurers must ensure that the life protection period of endowment products is similar to that of the duration of the savings component.
Qianhai Re is on track to generate its first year of net profit this year, the company's third year of operation, says AM Best.
Property and casualty insurance companies posted a combined underwriting profits of CNY5.1bn ($725m) in compulsory motor insurance business last year, according to the CBIRC.
Scandal-hit healthcare crowdfunding and online insurance sales platform in China, Waterdrop, has reportedly resumed its offline service operations, in what the company described as a trial.
China's overall risk score remained stable at 'Medium', with its government's ability to provide stimulus improving slightly to 'Medium-low' in the current quarter of this year, according to Aon in its December 2019 Political Risk Newsletter.
2020 looks set to be the breakthrough year for China's Ministry of Industry & Information Technology's (MIIT) 'Plan for Development of Innovative Online Vehicles' (AV Plan), says Mr Michael Cripps, consultant at global law firm Clyde & Co.
The average Taiwanese holds 3.3 insurance policies, the highest in the world, followed by mainland Chinese with three policies, Vietnamese and Indians with 2.7 policies, South Koreans with 2.3 policies and Japanese with 1.8 policies, according to the findings of a survey released by BNP Paribas Cardif.
Taiwan is unlikely to replace Hong Kong as a financial hub in the Asia-Pacific region, despite the ongoing political turbulence and social unrest in the latter territory, according to the chief of the Taiwanese financial regulatory agency.