Tencent's insurance platform WeSure has signed a strategic cooperation agreement with Sinopharm Group and MedTree Health Technology, aiming to offer protection solutions by integrating private insurance and the health industry.
China's banking and insurance regulator has stepped in to rein in the risks accumulated in the country's booming online insurance sector. China's online insurance sector has grown rapidly in recent times, especially in view of the COVID pandemic.
COVID-19 has turned the world upside down, with the global economy going into reverse and countries shutting down across the world. China was the first country to shut down and is one of the first to reopen. Today, many industries, including insurance, are watching closely to see what happens as China progresses through its economic recovery. Arthur Bi and David Schiff, Partners at McKinsey, share their insights in this article.
Ping An Insurance (Group) Co, China's largest insurer by market value, is tapping growing global demand for Chinese assets to expand its offshore asset management business as competition with foreign entrants intensifies, reported Bloomberg.
Hong Kong-based Taiping Reinsurance (TPRe) has delivered consistently profitable operating earnings over the past five years, mainly attributed to positive underwriting results and favourable investment performance. The five-year average return on equity was 6.5% (2015-2019), notes AM Best.
Chinese customers are increasingly paying for a wide range of medical and health management services, in addition to seeking health insurance products. Responding to them, insurers are offering new solutions.
Catastrophe risk modelling firm AIR Worldwide has released an updated Multiple Peril Crop Insurance (MPCI) Model for China to support probabilistic assessments for five newly modelled crop lines of business and a newly modelled sub-peril. This update also includes a new livestock module that adds six additional lines of business and two new sub-perils.
Chinese households have been able to protect their wealth from the COVID-19 pandemic and even increased their assets by more than +7% in the first six months of 2020, almost in line with the average of the last decade, says global insurer Allianz in its latest "Global Wealth Report".
WeSure, a digital insurance agency of Chinese Internet giant Tencent, tops the inaugural Hurun China Digital Insurance Agencies list, outperforming its rivals in terms of innovation capabilities and market performance throughout the past two years.
The Insurance Working Group of the EU Chamber of Commerce in China has asked the Chinese authorities to clarify Internet insurance business, including how foreign insurers can obtain an online insurance licence.