ZhongAn Online P&C Insurance has announced that it proposes to issue notes to raise $600m.
In its recent global insurance report, Allianz Group forecast the Chinese insurance market to undergo strong recovery in 2021.
China may face a sharp rebound in non-performing loans at insurers and banks after COVID-19 relief incentives delayed the reflection of risk exposure on the balance sheet of lenders, reported Bloomberg.
Non-life premium growth in China is forecast to fall to around 8% in 2020, the slowest growth since 1998, according to Swiss Re Institute.
The reinsurance market in China has been hardening, but leading terms remained competitive, notes Willis Re in its latest "1st View" report which covers market conditions at key reinsurance renewal seasons.
China is no longer going to be the frontrunner in the region with respect to expected growth over the next decade according to a report by Allianz and Euler Hermes.
Overall, life premium growth in China is expected to average around 2% this year before picking up to close to 10% in 2021, says Swiss Re Institute.
Four listed mainland Chinese companies announced in the first half of this year their decision to back out of plans to establish insurance companies in China.
The insurance regulator is proposing that compensation amounts in compulsory motor third party liability (CMTPL) insurance and commercial motor insurance be raised in a forthcoming sweeping round of reforms in the auto sector.
ZhongAn Online P&C Insurance has announced that its unaudited consolidated net profit attributable to shareholders for the six months ended 30 June 2020 would increase by at least 100% as compared to an unaudited consolidated net profit of approximately CNY94.5m ($13.5m) for the corresponding half in 2019.