Statistics from the Monetary Authority of Macau (AMCM) show that the gross premium of the life insurance business in Macau jumped to MOP33bn ($4.08bn) in 2021, representing an increase of 29% compared to the MOP25.6 billion in 2019.
China's online P&C insurance sector saw steady growth in premiums in 2021, according to a report released by the Insurance Association of China.
The CBIRC has expanded the investment scope of the insurance sector to include a wider array of financial products in order to enable the CNY23tn ($3.4tn) worth of insurance funds to better serve the economy.
China's Big Four state-owned banks will launch a pilot programme for retirement savings products in several regions soon, the CBIRC has announced.
Insurance group Fidelidade Macau has posted a net profit of MOP42.2m ($5.2m) for 2021, representing a growth of 24% when compared with 2020.
Direct fund flows to insurers' retirement savings insurance (mainly annuities), arising from the private pension scheme to be introduced by the government, will be moderate at the beginning of the scheme, says Moody's Investors Service.
ZhongAn Online P&C Insurance Co has raised its market presence on the back of strong business growth, notes Moody's Investors Service. The insurer's premium grew 22% in 2021, largely driven by the increase in its consumer finance segment.
The four captive insurance companies incorporated in mainland China all showed profit increases in 2021, according to their annual reports.
The average annual motor insurance premium charged in the first quarter of this year was in the range of CNY1,000 ($147) to CNY3,000, according to the 1Q2022 quarterly solvency reports filed by 59 property insurers as of 9 May. More specifically, the average auto premium for the 59 companies amounted to CNY2,015.
Two thirds (101) of 153 insurance companies have reported negative comprehensive investment yields during the first quarter of this year.