Chinese electric vehicle (EV) giant BYD has confirmed that it is working on a potential acquisition of E An Property & Casualty Insurance Co (E An P&C), an online insurer that was seized by Chinese regulators in 2020 as part of a crackdown on financial conglomerates, reported Reuters.
A new survey conducted by Oliver Wyman in China has found that 62% of non-health insurance policyholders in the country planned to purchase health insurance, and 44% of existing policyholders were considering increasing their coverage.
The State Administration for Market Regulation has approved the registration of a business name, "Shenergy Property Insurance Co, Ltd" on 16 January 2023, fuelling talk that the Shanghai government-owned group will be taking over an insurance company.
Prudential plc yesterday announced that it had received approval from the Macau Special Administrative Region to establish a branch of its Hong Kong business in Macau.
Ping An Insurance (Group) Company of China has been ranked the world's most valuable insurance brand for the seventh year in the running by brand valuation consultancy Brand Finance.
It is difficult at present to judge the impact of insurance after-sales service centres until the Hong Kong regulators issue the next round of related regulations and guidelines, says Mr Erik Bleekrode, head of insurance at KPMG China & Asia Pacific.
More Chinese people have access to coverage provided by the country's government-run basic old-age insurance, since the adoption of unified management of insurance funds, according to the authorities.
The performance of the insurance industry in China in 2023 is expected to improve compared to 2022, according to insurance experts. Prospects for the property insurance sector are bright.
Insurance experts, commenting on the outlook for the life insurance market in 2023, say that life insurers are expected to continue to find their feet in a sluggish market. New business of life insurance companies is expected to continue generally to be under pressure.
China's five biggest listed insurance groups raked in combined premium income of CNY2.56tn ($378bn) in premium income for the the full year of 2022, 2.9% higher than in 2021.