Eighteen strategic investors in the financially beleaguered state-owned Huarong Asset Management Co have established Zhongbaorongxin Private Equity Fund Co Ltd in the Shanghai Free Trade Zone, with a registered capital of CNY14.8bn ($2.3bn).
The Chinese non-life insurance market is likely to sustain healthy solvency strength and to resume positive business growth in 2022, says Fitch Ratings which has a 'Neutral' outlook for the sector.
The investment risk of life insurers in China associated with homebuilders (excluding debt investment schemes) is expected to be manageable as the insurers have adequate capital to absorb potential losses, says Fitch Ratings.
China's insurance industry saw its gross premium income dip by 1.4% to CNY3.905tn in the first 10 months of this year, compared to the corresponding period last year, according to statistics released by the CBIRC.
Taishan Property & Casualty Insurance has announced that it had received the approval of the Shandong Banking and Insurance Regulatory Bureau for Germany's ERGO Group to become the company's second largest shareholder, with a stake of 24.89%.
A new report released by the Insurance Council of Australia (ICA) has found that Australia's houses are not resilient to tropical cyclone hazards, which are expected to become more severe as the climate changes.
Labuan International Business and Financial Centre (Labuan IBFC) continues to expand, with a 28% rise in its premiums for captive business and approval of 18 new captives in the first three quarters of this year.
The Insurance Board, Nepal's insurance regulator, in a recent circular has mandated all life and non-life insurance companies to seek 100% reinsurance support from domestic reinsurance companies only.
Japanese life and non-life insurers' underwriting fundamentals are likely to be stable overall despite the ongoing economic stress from the COVID-19 pandemic, says Fitch Ratings. The agency has a neutral outlook on the sector.
The government has said that there is no proposal as of now to merge public-sector general insurance companies.