China's growth target of 6% for 2021 is in line with Moody's Investors Service's expectations, the international credit rating agency has said.
Research shows that health insurance policies available today in China often have features which undermine the credibility of the market, such as annual re-underwriting and non-guaranteed renewables, says Ms Thalia Georgiou, managing partner at the specialist healthcare advisory firm Asia Care Group (ACG).
Dragon King Life has reported its first annual profit in 2020, following 11 years of losses.
The Chinese government's extensive fiscal and monetary programme to stimulate the economy is accelerating the return to higher economic growth rates, says Mapfre Economics.
Ant Group's online mutual aid platform Xiang Hu Bao attracted 105.59m members last year and extended financial help to 68,600 subscribers, according to data released by the platform.
Third-party platforms will remain the core source of business for the online operations of insurers, says Fitch Ratings in a new report.
Online life insurance business maintained steady growth in 2020, with a total of CNY211.08bn ($32.6bn) in premiums, a year-on-year increase of 13.6% compared to 2019, according to data released by the Insurance Association of China (IAC) that are based on 2020 Internet life insurance business information submitted by life insurance companies with online operations. The pace of growth was almost double the 6.9% increase in premiums produced by life insurers from all channels.
The top 10 life insurers in China in terms of GWP commanded around two-thirds (67.8%) of the market last year, compared to a market share of 71.2% in 2019.
The top 10 non-life insurers in China in terms of premium income had a combined market share of 84.65% last year. This means that the remaining market share of around 15% was distributed among 80 other insurers.
The CBIRC has released its "Interim Measures for the Implementation of the Recovery and Resolution Plan for Banking and Insurance Institutions (Draft for Solicitation of Comments)", with the goal of preventing and defusing major risks, achieve orderly recovery and resolution, protect the legitimate rights and interests of customers.