Ping An Insurance (Group) Company of China, the country's biggest insurer in terms of capitalisation, has announced a comprehensive upgrade of green finance activities and the setting of quantitative green finance performance targets.
China-headquartered Leapstack, an AI-enabled InsurTech company specialising in healthcare, has announced a strategic plan to ink strategic partnerships with multiple Korean insurance companies as the company advances into the South Korean market.
China Reinsurance Group and Swiss Re have signed the "Belt and Road" Green Investment Principles (GIP) protocol, becoming the 38th and 39th signatories, announced Mr Ma Jun, director of the Green Finance Committee of the Chinese Society of Finance.
China will require financial institutions to transition towards green finance as early as possible, to help achieve the country's carbon neutrality goals, reported Reuters.
Chinese life insurers' financial performance is seen as increasingly pressured by - and vulnerable to - capital market volatilities, resulting in higher asset impairment in 2020, says Fitch Ratings.
Korean-owned property insurer LIG China has received approval from the Jiangsu Banking and Insurance Regulatory Bureau to change its name to Kaiben Property Insurance (China). The new name entered into effect earlier this month.
Environmental risks are becoming an increasingly important credit driver for Chinese insurers as their exposure to climate-related catastrophic events and decarbonisation policies grow, especially for property and casualty (P&C) insurers, says Moody's Investors Service.
In the first quarter of 2021, the five major listed insurance groups posted a 2.64% increase in aggregated total premium income to CNY973.2bn ($149.2bn).
Several large domestic insurance companies, including Ping An, PICC, and China Pacific, have begun to develop and design motor insurance plans for new energy vehicles, or are implementing related plans.
The CBIRC is conducting a study on life insurance sales and plans to formulate measures to improve the sales management, according to industry players. This includes launching a comprehensive review of the commission system in the life insurance sector.