The National Financial Regulatory Administration and the Shanghai government yesterday issued jointly the "Implementation Rules on Accelerating the Establishment of Shanghai International Reinsurance Centre". The authorities also launched an international board for reinsurance trading in Shanghai.
China welcomes well-performing foreign institutions to do business in China and the risks in the financial sector are controllable overall, reported Reuters quoting the head of its financial regulatory administration told the Lujiazui Forum in Shanghai yesterday.
China's new registration-based IPO system is expected to have a significant impact on the A-share D&O insurance market, says the global law firm Clyde & Co.
Several life insurance companies have started to offer a service to convert benefits payable under life insurance policies, in the event of the death of the insured or the maturity of the policy, into long-term care insurance benefits.
China's five biggest listed insurers have announced total cash dividends of CNY78.19bn ($11bn) for the 2022 financial year. The dividend rate of each insurer remains at a relatively high level of more than 30%.
Inflation in China is subdued. Consumer price index (CPI) inflation rose on average by 1% in the first four months of 2023 year-on-year (yoy), reflecting weakness in overall demand, according to the latest Swiss Re Institute economic insight report.
The issuance of bonds by insurance companies to boost their capital is heating up in China's declining interest rate environment.
China is building a multi-level health insurance system but the limited funds available in it do not meet the most important needs, according to Mr Jin Weigang, vice president of the China Association of Social Security (CAOSS) and deputy director of Zhejiang University's Institute of State System Research.
The People's Insurance Company (Group) of China (PICC Group) has announced that it had completed the issuance of capital supplementary bonds on 5 June 2023.
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.