Government policy initiatives could generate additional insurance demand in China, according to leading global reinsurance broker Gallagher Re.
The combined net profit of the 75 life insurance companies totalled CNY136.49bn ($19.1bn) in the third quarter of this year, a surge of 1070.69% or by 10 times, compared with CNY11.66bn in the corresponding quarter in 2023.
The 84 property and casualty insurance companies that have published their 2024 third-quarter solvency reports by 1 November chalked up a combined net profit of CNY50.68bn ($7.1bn) in the first nine months of this year, an increase of 13.6% year-on-year.
China's three biggest P&C insurers saw their command of the motor insurance market increase marginally to 71.25% for the first nine months of this year (9M-2024) from 71.17% for the corresponding period in 2023, in terms of market share.
CITIC Prudential Life Insurance (CPL) has announced that its two shareholders will each increase their capital in the joint venture by CNY1.25bn ($175m). This means a total increase of CNY2.5bn for CPL.
While the vast majority (82%) of respondents a health awareness study in the Greater Bay Area (GBA) express a readiness to "make an effort" to stay healthy, their actions do not always match their words.
The Insurance Association of China (IAC) has released the 2024 edition of the "Blue Book on High-Quality Insurance Services for Rural Revitalisation", which provides an update on the work of insurers in rural areas.
The Guangdong-Macau In-Depth Cooperation Zone on Hengqin island aims to facilitate entry by insurers from Portuguese-speaking countries into the mainland Chinese market, a senior financial official has said.
Beijing BNP Paribas Tianxing Property and Casualty Insurance Co has received approval from the National Financial Regulatory Administration (NFRA) for its establishment.
The net profit attributable to shareholders of China's five major 'A'-share-listed insurance companies for the first three quarters of 2024 climbed steeply year-on-year.