Chinese regulators are tightening oversight of the participating life insurance market, warning insurers against arbitrarily inflating dividend levels in what has been described as 'involution-style' competition(also known as 'neijuan' in Chinese).
Speaking at the Lujiazui Forum on June 19, National Financial Regulatory Administration (NFRA) Property Insurance Department director-general Yin Jiang'ao said that China's reinsurance sector remains underdeveloped relative to the size of its primary insurance market.
A recent industry survey conducted by the Insurance Asset Management Association of China (IAMAC) reveals that 63% of participating institutions plan to increase their allocation to Hong Kong equities in 2025, with most opting to do so via the Stock Connect scheme.
Ant Group has reduced its holdings in ZhongAn Online P&C Insurance, lowering its stake in the company's H-shares to 7.63%, according to a disclosure filed with the Hong Kong Stock Exchange on June 24. The transaction involved the sale of over 33m shares and marks Ant Group's second reduction in ZhongAn holdings since its initial investment 12 years ago.
Demand from mainland Chinese consumers for Hong Kong insurance products has surged in recent months, driven by concerns over the weakening renminbi and a regulatory cap on projected returns that will take effect in July.
These are the highlights for events and updates across the insurance industry this week.
These are the updates on insurance regulatory developments in China.
A revision in the Chinese medical insurance law to improve the nation's basic healthcare system is likely to happen soon according to a news item posted on the website of The National People's Congress of the People's Republic of China.
China's long-term care insurance programme significantly reduces the financial burden of health and care costs for older adults with cognitive and physical limitations according to a new study by King's College London.
A new round of adjustments to the pricing interest rates for life insurance products is imminent, as insurers prepare to file new product launches and recalibrate distribution strategies in anticipation of a shift in the rate environment.