China's commercial health insurance market is undergoing a pivotal transformation. Premiums surged from CNY158.7bn ($21.9bn) in 2014 to CNY977.3bn in 2024, representing a CAGR of 20%, according to a new report jointly released by Swiss Re Institute and China Pacific Insurance. But as the country confronts ageing demographics, medical system reform, and changing healthcare demands, the focus is now shifting from scale to quality.
China's insurance sector maintained steady growth in the first half of 2025, with both life and non-life segments showing solid performance. According to data released by the National Financial Regulatory Administration (NFRA), life insurers posted particularly strong momentum in June, with original premium income rising 16.3% year-on-year and 21.5% month-on-month.
China's Insurance Association has announced a new reference rate for ordinary life insurance products at 1.99%, down 14 basis points from the previous quarter. This marks the second consecutive quarter where the benchmark rate has trailed the industry's maximum pricing level by over 25 basis points, triggering a regulatory requirement for insurers to revise their product offerings within two months.
D&O insurance continues to gain traction among A-share listed companies, driven by greater awareness and regulatory changes. As of July 18, over 300 listed firms disclosed purchase plans for D&O insurance in 2025, roughly matching the same period last year.
China's insurance industry is accelerating efforts to streamline operations, with 1,799 branches closed and only 225 new ones opened as of July 18-resulting in a net reduction of 1,574, according to the National Financial Regulatory Administration (NFRA).
These are the highlights for events and updates across the insurance industry this week.
These are the updates on insurance regulatory developments in China.
Ping An has appointed Mr Ray Wang as CTO and general manager. The appointment is meant to enhance the company's research and development and application capabilities in AI.
China's commercial new energy vehicle (NEV) insurance market continued to outpace the broader industry in the first half of 2025, with total premiums surging by 41.44% to CNY66.17bn ($9.13bn), according to Securities Daily. That compares with a tepid 3.27% rise in total auto insurance premiums, which include both commercial and compulsory policies.
More than 1,300 insurance asset management (AM) products in China have recorded net asset value gains so far this year, with some rising over 30%, according to data from Wind Information. As of July 11, out of 1,410 products with July NAV disclosures, 1,338-or 94.9%-posted year-to-date gains. Equity products outperformed, with the top performer up 30.22%. Mixed-asset products also outpaced fixed income strategies, though a few bond-heavy products saw standout but volatile returns.