China's National Healthcare Security Administration's (NHSA) total expenditure of medical insurance fund has surpassed CNY16.5tn ($2.28tn) with an average annual growth rate of 11% during the last seven years since its inception.
On March 17, the National Financial Supervision Administration (NFSA) released the 2024 list of professional insurance intermediaries. By the end of 2024, the list included 2,539 entities, down by 27 from 2023. This marks the sixth consecutive annual decline since 2019.
As earnings season kicks off, Ping An takes the lead by releasing the first annual report among A-share (stocks listed on mainland China exchanges) listed insurance companies.
As of March 13, data shows that insurance companies nationwide have received 216 fines, totalling CNY69.36m ($9.57m).
Recently, AIA Group Limited announced its full-year 2024 results. Its wholly owned subsidiary in mainland China, AIA Life Insurance (AIA Life), achieved a 20% increase in new business value and a 10% growth in annualized new premiums.
The property insurance industry has always been characterized by a "winner-takes-all" situation in China, with leading insurers dominating the majority of the market share. In this market environment, ZhongAn Online (ZhongAn) has emerged as a groundbreaking force in recent years, with rapid growth in total premiums and a quick rise into the top 10.
Recently, China Life revealed its top 10 insurance claims for 2024.
These are the highlights for all events and updates across the industry this week.
These are the updates on insurance regulation across China this week.
Lockton has appointed Ms Juliet Kwek as head of people solutions, Greater China.