China's financial regulator, the National Administration of Financial Regulation (NAFR), plans to limit commission fees in bancassurance operations, in a move that could lead bancassurance fees to plunge by 50% or more.
The Insurance Working Group (IWG) of the European Chamber in China has suggested that Chinese regulators adjust the 'related party transaction' indicators in insurers' risk ratings to reflect the risk profile of bankassurers more accurately.
China's removal of COVID-19 pandemic-containment measures has supported new business generation at life insurers in 2023, with PICC Life Insurance Company reporting strong growth in new business value (NBV) in 1H2023. NBV increased by 67% yoy to CNY2.5bn ($342m) in 1H2023, while the value of in-force business after cost of capital rose by about 3.9% to CNY34.8bn.
Almost four-fifths of Chinese personal pension funds are unprofitable after the first group of private pension plans was established nearly a year ago.
Shanghai International Group and seven other companies have received approval from the National Administration of Financial Regulation (NAFR) to establish Shenergy Property & Casualty Insurance with a registered capital of CNY10bn ($1.37bn).
Increasingly, insurers are competing for customer attention not against other insurers, but against super apps and apps from tech giants, retailers and the entertainment industry, says Capco, a global technology and management consultancy focused on the financial services industry.
The post-90s generation has become the mainstay customers of pet insurance, accounting for more than 60% of total pet insurance policyholders. Among them, women account for up to 70%, according to the "2023 White Paper on Insights into Pet Digital Insurance Development Trends" jointly released by ZhongAn Insurance and Ant Insurance.
The National Administration of Financial Regulation (NAFR) has approved the takeover of Evergrande Life Insurance, a unit of debt-ridden real estate giant China Evergrande Group, by a new state-owned insurer specifically set up for the purpose.
Listed China Coal Energy Group is seeking to exit its investments in China Coal Insurance.
State-owned China Export & Credit Insurance Corporation (Sinosure) has warned the Government of Pakistan against failure to honour its commitment to make due payments to power generation plants established in the China-Pakistan Economic Corridor (CPEC).