China's mortality protection gap widened by 14% year-on-year to $65.6tn in 2020, and by a further 21% to $79.5tn in 2021, says Swiss Re Institute.
China's national natural catastrophe resilience index (N-RI) rose to 9.0% in 2021 from 8.1% in 2020 and 7.6% in 2019, even after major flooding in Henan province in July 2021, says Swiss Re Institute in a new sigma report.
Regulatory changes that were implemented at the beginning of this year relating to online insurance sales have been absorbed by the insurance market, according to Mr Ronald Tam, co-CFO of Nasdaq-listed Huize Holding, a leading digital insurance product and service platform for new generation consumers in China.
More and more commercial urban inclusive medical insurance schemes (huiminbao) are adding imported special pharmaceuticals to their coverage, rendering the policies no longer inclusive because of high costs and exclusions.
Huize Holding, a Nasdaq-listed independent online insurance product and service platform company in China, has said that it expects to post quarterly profits in the second half of 2022, following the company's preliminary assessment of current market conditions.
Henan Province in central China has launched a pilot scheme for catastrophe insurance in the wake of the massive floods in July 2021 that cost the province economic losses in the billions of yuan.
Due to continuous heavy rains and rain-induced flooding in recent months, the southern Chinese economic powerhouse that is Guangdong Province is going all out to protect residents and their property.
Amidst the shrinking of the agency channel in the Chinese insurance market, top-performing life insurance agents maintained good results last year, increasing their membership in the Million Dollar Round Table (MDRT) to 13,200 from 9,848 in 2020, according to a white paper released last week by the Taikang Insurance Group.
China-based online insurer TK.cn Insurance has reported favourable and consistent loss development, although it is still building its insurance book, notes Fitch Ratings.
Allianz Asia Pacific (Allianz) and The Hongkong and Shanghai Banking Corporation (HSBC) yesterday announced a 15-year extension of the bancassurance distribution agreement covering six markets in Asia.