The underwriting performance of Zking Property & Casualty Insurance (ZKI) is expected to remain profitable in 2023, says Fitch Ratings.
AM Best is maintaining a stable outlook on China's non-life insurance segment given the growth momentum in the motor and non-motor segments, as well as the domestic economic recovery following the removal of COVID-19-related restrictions, partially offset by a weaker 2024 economic outlook.
Sentiment in the insurance market in China is upbeat about the prospects for the sector in 2024, say several analysts.
The mainland Chinese insurance industry grew by 11% in the first three quarters of this year to CNY4.25tn ($601bn), according to data released by the National Administration of Financial Regulation (NAFR).
Mid-sized insurer Lonpac Insurance is expected to maintain its strong operating performance over the medium term, says AM Best.
The Insurance Development and Regulatory Authority (IDRA) has yet to set up the Life Policyholders Protection Fund although more than a decade has passed since the government initiated the proposal.
The development of new-energy vehicles has introduced new risk management needs to the automotive industry, with improvements needed along the entire industry chain, including raw materials, supply chain and production processes, according to Mr Andreas Glunz, the legal representative of BMW (China) Insurance Brokers.
Suncorp Group Limited's (SGL) underwriting profitability is expected to see a modest deterioration over the next 12 to 24 months as higher natural hazard costs and rising reinsurance expenses offset strong premium rate increases, says Fitch Ratings.
Several banks in Vietnam have reported a decline in bancassurance sales in the first nine months of this year, with the trend expected to continue into the new year, as a consequence of tighter regulatory scrutiny and consumer complaints about mis-selling or forced purchases of insurance policies.
The Finance Ministry has amended the Insurance Ombudsman rules to increase the maximum compensation amount that the Ombudsman can award to INR5m ($60,000). Previously, the ceiling was capped at INR3m.