Shanghai's property insurance sector had received a total of 58,700 claims totalling CNY1.225bn ($175m) as of 15:00 on 24 September 2024 for damages arising from typhoons Bebinca and Pulasan, according to the Shanghai Insurance Association.
The Central Financial Affairs Commission and the China Securities Regulatory Commission (CSRC) have issued jointly guidance to facilitate medium- and long-term funds entering the capital market.
WTW, a leading global advisory, broking, and solutions company, yesterday announced the launch of a new China Client Division within Corporate Risk and Broking, North America (CRB NA), marking a significant milestone in the company's strategy to expand its presence and broaden offerings focussed on the Chinese market.
Chinese insurance companies are keen to establish private equity investment funds, as they can have a positive effect on their balance sheets by easing profit fluctuations and aiding solvency.
The National Financial Regulatory Administration (NAFR) will expand pilot reforms for long-term investments by insurance funds, including opening up long-term private equity investments, according to the head of the regulatory agency, Mr Li Yunze.
Hong Kong-headquartered Taiping Reinsurance Company (TPRe) reported a net profit of HK$333.0m ($42.8m) in 2023, with a return-on-equity (ROE) ratio of 3.0% under HKFRS 17, notes AM Best.
The hike in the retirement age by the government is the starting point to plug gaping pension deficits and bolster a shrinking workforce in China, with further reforms seen as urgent, reported Reuters quoting economists and demographers.
PICC ranked fourth biggest globally among insurers for its motor insurance gross direct premiums written (GDPW) in 2023, according to a global motor insurance market ranking by Insuramore, which provides marketing services and related consultancy with a focus solely on the insurance sector.
Insurance asset management companies in China increased their bond allocations last year, with the scale reaching CNY11.86tn at the end of 2023, a 29.33% increase over 12 months previously.
Nasdaq-listed Huize Holding is targeting entry into two new Southeast Asian markets within the next 12 months, with ambitions to become a leading pan-Asian digital insurance platform.