New business premiums derived in Hong Kong from mainland Chinese visitors fell by 32.9% to HK$15bn ($1.92bn) on a quarterly basis in the third quarter of this year, according to data released by the Hong Kong Insurance Authority.
The underwriting performance of Zking Property & Casualty Insurance (ZKI) is expected to remain profitable in 2023, says Fitch Ratings.
AM Best is maintaining a stable outlook on China's non-life insurance segment given the growth momentum in the motor and non-motor segments, as well as the domestic economic recovery following the removal of COVID-19-related restrictions, partially offset by a weaker 2024 economic outlook.
Sentiment in the insurance market in China is upbeat about the prospects for the sector in 2024, say several analysts.
Leading Chinese life insurers China Life and New China Insurance (NCI) have announced a joint plan to invest CNY25bn ($3.5bn) each to launch a private equity company.
The mainland Chinese insurance industry grew by 11% in the first three quarters of this year to CNY4.25tn ($601bn), according to data released by the National Administration of Financial Regulation (NAFR).
ABC Life Insurance has followed on the heels of Taikang Life Insurance and China Pacific Life to issue perpetual bonds to strengthen its capital position.
More than 130m people in China have registered to use a digital code for the country's basic medical insurance plan, the National Healthcare Security Administration (NHSA) has announced.
The development of new-energy vehicles has introduced new risk management needs to the automotive industry, with improvements needed along the entire industry chain, including raw materials, supply chain and production processes, according to Mr Andreas Glunz, the legal representative of BMW (China) Insurance Brokers.
ERGO-FESCO Broker Company (ERGO-FESCO) has acquired an insurance brokerage licence in China at a very good time, said Mr Jürgen Schmitz, CEO of its parent company ERGO China.