Companies registered and individuals working or living in the Shanghai Free Trade Zone (FTZ) will be allowed to buy cross-border insurance, investment and other services, says the Shanghai government as it introduces new rules to further ensure foreign financial institutions are treated equally as their domestic counterparts.
Chinese state-backed supply chain service company Wuchan Zhongda Group announced yesterday that it would invest up to CNY6.07bn ($830m) in Hangzhou-headquartered Sinatay Life Insurance.
Government subsidies for medical insurance for urban and rural residents have been increasing, said China's National Healthcare Security Administration (NHSA).
Listed China Coal Energy Group is seeking to exit its investments in China Coal Insurance.
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).
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.
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.