Several members of emergency committee convened by the WHO director-general to deal with the outbreak of novel coronavirus 2019 (called 2019-nCoV) in China have considered that it is still too early to declare a Public Health Emergency of International Concern (PHEIC), given its restrictive and binary nature.
Mr Christian Mumenthalerm, Group CEO of Swiss Re, has said that at present, there is little information about the coronavirus ravaging China, and that more would be known in coming days.
China's economic stabilisation efforts could be at risk if the authorities fail to contain the outbreak of a new coronavirus, economists have warned.
China's insurance sector saw premium income jump by 12.2% in 2019 to cross the CNY4tn mark for the first time. Total premium income reached CNY4.27tn ($615bn), with growth driven by life business, particularly health insurance.
The signing of the first phase of the trade agreement between the US and China on 15 January 2020 removes many formal barriers that have been obstacles to the opening up of China's financial markets, points Moody's Investors Service.
Five major listed Chinese insurance companies have posted combined premium revenue of CNY2,399.3bn ($346bn) in 2019, representing a year-on-year increase of 9.35% over 2018.
China's birth rate fell to its lowest last year since the founding of the People's Republic of China 70 years ago, posing a long-term challenge for its government, reported Reuters.
In the leading insurer's Great KickOff 2020 which happened earlier this month, Mr Khor Hock Seng, its Group Chief Executive Officer, opened the event with a clear message, "This is a new decade, a new era. We need to do things differently to be successful."
The government plans to draft an omnibus law for the financial industry, including insurance, as some of the existing rules are "ancient and inadequate", reported Bloomberg.
Rising cost pressures amidst a slower economy has led to a drop in sales of group life insurance, with employers either foregoing purchases of the cover or buying it only for senior staff and management.