China's state-run basic medical insurance funds, including maternity insurance, saw a total expenditure of over CNY557.74bn ($80.65bn) from January to March 2023, up by 21.7% year on year, data from the National Healthcare Security Administration show.
The National Financial Regulatory Administration (NFRA) has issued a draft guideline to promote the development of commercial specialised pension insurance, and transform the scheme from its current pilot basis to a fully operational model.
China's new financial regulator, the National Financial Regulatory Administration (NFRA), has announced that it will soon issue rules to support the establishment of the Shanghai International Reinsurance Centre and open a global international reinsurance trading market (referred to as "Reinsurance International Board") in Shanghai. The overall goal is to promote Shanghai as an international financial centre.
The impact on China Pacific Insurance (CPIC) of the authorities' move to lower pricing interest rates of traditional insurance products would be limited, the giant insurer says in a bulletin released on 1 June.
China's insurance claim services for policies sold through the Internet have three major features: they are almost totally online, intelligent, and paperless, according to a study by the Institute of Finance and the Insurance and Economic Development Research Centre, both of the prestigious think tank, the Chinese Academy of Social Sciences.
Mainland Chinese visitors to Hong Kong snapped up insurance policies in the territory, generating new office premiums totalling HK$9,613m in the first three months of the year.
Insurance companies in China are continuing to increase their capital, after the implementation in 2022 of the China Risk-Oriented Solvency System (C-ROSS) Phase II regime.
The re-opening of borders between mainland China and the territory on 6 February 2023, after a three-year lockdown because of the COVID-19 pandemic, portends well for the insurance markets of the Greater Bay Area (GBA), including Hong Kong.
Capitalisation is an important rating driver that underpins the ratings of a peer group of Chinese non-life insurers, says Fitch Ratings.
Gallagher Re, a global reinsurance broker, has announced the appointment of Jia Lou as CEO of mainland China and Hong Kong, with effect from 1 June, and that of Alex Xia as head of Gallagher Re in Beijing.