The Standing Committee of the Chinese National People's Congress, which serves as China's parliament, has endorsed a plan to gradually delay retirement for employees.
The State Council, which is China's cabinet, has issued the notice, "Several Opinions on Strengthening Supervision, Preventing Risks and Promoting High-quality Development of the Insurance Industry". The "Opinions" set out measures to be taken for the reform and development of China's insurance industry in the next five to 10 years.
While the Chinese insurance industry faces significant challenges, Fitch Ratings believes efforts from regulators and insurers will make the industry more resilient over the longer term.
A stocktake of the Chinese insurance industry shows that there were over 200 (re)insurance companies operating in the country as of 30 June 2024
The standing committee of China's top legislative body, the National People's Congress, earlier this week reviewed a draft decision of the Communist Party on gradually raising the statutory retirement age, the Xinhua News Agency reported.
The Insurance Federation of Egypt (IFE) is calling on insurance companies to adopt new thinking to create a supportive environment for the elderly, and expand the range of products that give them greater security and confidence.
Senior care products -- such as annuities with a healthcare component, long-term care insurance, and life insurance with a long-term care component -- are unaffordable for most people in both developed and developing countries, resulting in low market penetration, points out the global consulting company McKinsey.
A roundtable of leading influential voices for millennials is sounding the alarm for superannuation funds to lift their game and increase services, transparency, and improved access to information to better engage millennial members, says ASIC in a statement.
APRA and ASIC agreed that investment governance is an area of ongoing importance for superannuation industry attention, according to statements released yesterday by the two regulators.
Ping An Insurance Group Company of China aims to be the biggest at-home elderly care service provider in China in terms of the number of clients, the services rendered and the level of professionalism, Mr Guo Xiaotao, co-CEO of the insurance giant, has said.