Revamped regulations will support Chinese insurers' quality growth and better underlying credit fundamentals in 2024, leading to a neutral sector outlook for both the life and non-life segments, Fitch Ratings says.
Moody's Investors Service yesterday changed to 'Negative" from 'Stable' the outlooks on nine Chinese insurers and a related overseas subsidiary, following Moody's affirmation of the Government of China's issuer rating at 'A1' and change in the outlook to 'Negative' from 'Stable' on 5 December.
The mainland Chinese insurance industry grew by 10.1% in the first 10 months of this year to a cumulative CNY4.52tn ($638bn), according to data released by the National Administration of Financial Regulation (NAFR).
2024 marks the 20th anniversary of the launch of enterprise annuity plans which form the second pillar of China's pension system. While enterprise annuity business has expanded over the years, reform would accelerate its growth, say industry observers.
The combined ratio of auto insurance business in China reached 98.8% in the first 10 months of this year, according to the latest official statistics. This represents an increase of 1.6 percentage points from the 2022 full-year combined ratio.
China is expected to be the biggest market for new life insurance savings by 2023, a gain of 2.7ppt over 2022, according to a report by Swiss Re Institute (SRI).
Taikang Group's financial performance is considered as 'Very Strong' due to its consistently profitable results and rapid year-on-year growth in new business value (NBV) in life insurance operations in 1H2023 after the lifting of COVID-19-containment measures, says Fitch Ratings.
The Property & Casualty Insurance Supervision Department of the National Administration of Financial Regulation has issued an exposure draft to steer the growth of green insurance business.
The 15th China Rendezvous marked its notable return after a three-year hiatus when it was held in Beijing on 1 December. This year's theme, "Embracing the New Era of Excellence - The Future Map for Insurance", highlights the potential of China's insurance industry, the world's second-largest insurance market.
The 15th China Rendezvous marked its notable return after a three-year hiatus when it was held in Beijing on 1 December. This year's theme, "Embracing the New Era of Excellence -- The Future Map for Insurance", highlights the potential of China's insurance industry, the world's second-largest insurance market.