Ping An Digital Economic Research Centre (PADERC), a macroeconomic research arm of Ping An Insurance (Group) Company of China, says the increase in the number of companies in China improving their environmental, social and governance (ESG) disclosures is an opportunity for technology companies to provide data solutions with artificial intelligence (AI).
Flaws exist in corporate governance in P&C insurance companies whose shareholders are local-level state owned entities, says Mr Li Youxiang, director of the Property Insurance Supervision Department of the CBIRC.
BOC Samsung Life has received approval from the CBIRC to increase its registered capital from CNY1.667bn ($248m) to CNY2.467bn.
The average life expectancy, a key gauge of a country's economic and social development, reached 77.3 years in China in 2019. That was an increase of 0.96 years from 2015.
New technologies represented by big data, cloud computing, blockchain, and AI applications are quietly changing the mode of operations in the insurance industry, reshaping the industry's ecology, and driving business changes.
The need to transform life insurance companies has almost never been so urgent, said Mr Huang Hong, CBIRC vice chairman, yesterday.
The Guangdong Banking and Insurance Regulatory Bureau (GBIRB), with the policy support of its parent, the CBIRC, is introducing the simplified administration and decentralisation policy enjoyed in free trade zones in the province to the Guangdong-Hong Kong-Macau Greater Bay Area.
Several property insurers with local-level shareholders have been seeking strategic investors in the past two years to sharpen their competitiveness.
New rules that take effect on 1 November and regulate financial holding companies aim to address potential systemic risks and will significantly improve the industry's governance standards if they are effectively executed, Fitch Ratings says.
China has plans to accelerate the building of over 15,000 earthquake monitoring stations that could report even distant tremors in 5-10 seconds, experts from the China Earthquake Administration (CEA) have revealed. The warnings will be released through mobile phones, TV, radio and new media.