China Taiping Insurance (Macau) Company Limited (CTIM), the territory's largest non-life insurer, continues to be profit generating in 2022, supported by positive underwriting results, and partially offset by unfavorable investment results, says AM Best.
InsurTech has seen significant growth and development over recent years. InsurTechs have introduced various new technologies which have streamlined the insurance process, from underwriting and claims handling to customer service and product offerings. While some experts believe that the industry has peaked and may not have much more room for growth, others argue that the market is still expanding with opportunities for innovation. eBaoTech Corporation founding CEO Woody Mo shared his thoughts with us.
ZhongAn Online P&C Insurance, China's first Internet-based insurance company, fell back into red ink in 2022, reporting a net loss attributable to owners of the parent company of CNY1.36bn ($199m).
New York-listed Waterdrop, one of China's largest listed insurance intermediaries with a technology platform dedicated to insurance and healthcare services, swung its financial performance to black ink in 2022 through heavy cost cutting.
In 2022, the insurance industry's health insurance premium income reached CNY865.3bn, a year-on-year increase of 2.4%, and the growth rate, which has been sliding, is predicted to fall further. At the same time, the premium growth rates of the health insurance business of life insurance companies and property insurance companies are markedly different.
The premium income of the mainland Chinese insurance industry stood at CNY1.02tn ($149bn) in the first month of this year, representing a year-on-year increase of 3.8%, according to statistics released by the CBIRC on 21 March.
The Life Insurance Department of the CBIRC is reported to have held a forum with the Insurance Association of China and representatives of more than 20 insurance companies to discuss liability costs and asset-liability management in the life insurance industry.
Diabetes prevalence in adults aged 20-79 years in China is projected to increase from 8.2% to 9.7% during 2020-2030, particularly in northern China, according to a recent study whose findings were released last month.
China's plan to centralise the supervisory agencies for most financial sectors should reduce regulatory gaps and support efforts towards a framework that can monitor and address risks more systematically across the financial system, says Fitch Ratings.
The Dajia Insurance Group has established its first private equity investment fund targeted at the healthcare and pension sectors. The fund size is CNY5bn ($733m)