PICC Reinsurance Company's (PICC Re) profitability has gradually improved as it continues to build scale and tighten risk selection to reduce its underwriting losses while growing its investment income, says Moody's Investors Service (Moody's).
In 2023, the sales environment of the insurance industry is expected to improve, both internally and externally, says China Merchants Securities (CMS).
While crowdfunding may help patients in need, medical crowdfunding platforms not only fail to reduce inequality among those in need of assistance, but also reinforce it, according to a sociologist Mr Cheng Cheng, an associate professor of sociology at Southeast University.
China's insurance industry posted CNY4.7tn ($697bn) in premium income in 2022, an increase of 4.58% compared to 2021, according to statistics released by the CBIRC.
Home property insurance grew at the fastest pace in 2022 among the various branches of insurance in China, with an increase of 67.3% to CNY16.4bn ($2.44bn) compared to 2021, data released by the CBIRC show.
Affordable rental housing is an attractive, growing risk pool for property insurance solutions in China, given its combination of social protection features through the government's support and endorsement, and fully market-orientated financing for its construction and business operations, says Swiss Re Institute (SRI).
Motor insurance business continued to contribute the biggest share of premium income for non-life insurers in 2022, with a market share of 55.22%, according to data from the CBIRC.
Cheche Technology, China's leading auto insurance technology platform, and Prime Impact Acquisition I (PIAI), a New York traded special purpose acquisition company, have entered into a definitive business combination agreement that will result in Cheche Technology becoming a publicly listed company.
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.