Ping An Insurance (Group) Co of China, the country's biggest insurer by capitalisation, chalked up a 4.5% rise in 1Q2021 net profit as offline sales recovered from a coronavirus-induced slump, reported Reuters.
Over 70% of insurance agents believe that the COVID-19 pandemic has had a negative impact on their work, according to a 2020 survey of insurance agents.
More diversified and targeted low-cost supplementary inclusive health insurance plans are expected to be launched this year for the unserved and underserved Chinese population, according to a recent industry study.
The sales of critical illness (CI) insurance started the first quarter of 2021 on a high but dampened considerably in March, according to industry analysts. CI insurance is important because it accounts for about 60% of the health insurance market.
Waterdrop, a Chinese independent third-party insurance platform company focussing on terms of life and health insurance, which has applied for an initial public offering on the New York Stock Exchange, reveals in its prospectus filed with the US Securities and Exchange Commission, that insurance brokerage income accounted for nearly 90% of its total net operating revenue.
China's Cabinet, the State Council, has issued a guidance on further improving the basic medical insurance system for employees, that will among other things allow coverage of outpatient medical treatment so as to reduce the burden on the public of medical expenses.
Chongqing-headquartered Three Gorges Life has named this year as the year of transformation from pursuing scale to focussing on value, after suffering losses in the three full years since it was established in December 2017.
Manulife has promoted 21 agency leaders in Hong Kong and Macau in recognition of their outstanding performance and contribution to the company's continued success.
India's general insurance industry posted an increase of 5% in gross premium to INR1,987bn ($26.5bn) in the financial year ended 31 March 2021 (FY21).
COVID-19 has shown that pandemic-related business interruption (BI) is directly linked to the decisions of governments to implement lockdown measures, making it impossible for insurers to model and price such a risk. As such, BI risk is uninsurable by insurers alone, said a report from the Geneva Association.