Under pressure to grow their business, top listed life insurers in China are adjusting their product strategies rapidly. Among several new products launched, incremental wholelife insurance plans have become a large source of revenue for insurance companies.
Life insurers posted health insurance premiums of CNY418.4bn in the first half of this year, a year-on-year increase of 1.21%. This marginal growth, or slower pace of increase, is explained by new critical illness (CI) insurance business that plunged by more than 30% in the first six months.
Some property insurance companies have been disguising the sales of medical drugs as insurance sales, prompting the CBIRC to call a halt to the malpractice.
CITIC Prudential Life (CPL), life insurance giant Prudential's 50-50 joint venture in China, saw annual premium equivalent (APE) sales growth of 13% to $507m in 1H2022 despite headwinds from COVID-19-related restrictions.
Unionlife is exploring ways to resolve the risk it is exposed to in its investments in the financially-stricken property development group Evergrande.
The number of cities carrying out trials on long-term care insurance has increased to 49 at the end of July from 15 when the first national-level pilot programme was launched in 2016.
The Philippine Insurance Commission (IC) has issued a licence to SeaInsure Life Insurance Company, which is owned by SeaInsure PG (SeaPG), a Singaporean insurance company under tech conglomerate Sea Limited that is the holding company for Shopee, an e-retail platform.
The Insurance Development and Regulatory Authority (IDRA) has found that two life insurance companies have allowed their directors and their associated enterprises to borrow from banks against fixed deposits placed with policyholders' funds.
Singapore's life insurance industry recorded a total of S$2.63bn ($1.92bn) in weighted new business premiums for 1H2022, a slight contraction of 1.9% as compared to the corresponding period in 2021, according to the Life Insurance Association, Singapore (LIA Singapore) that yesterday unveiled the industry's results for the first six months of this year.
The monthly income of life and non-life insurance planners has declined due to the worsening of the sales environment and the deterioration of channel competitiveness caused by the COVID-19 pandemic, a research institute said.