ERGO-FESCO Broker Company (ERGO-FESCO) has acquired an insurance brokerage licence in China at a very good time, said Mr Jürgen Schmitz, CEO of its parent company ERGO China.
The motor insurance industry in China is projected to grow at a compound annual growth rate (CAGR) of 4.5% from CNY871.2bn ($129.1bn) in 2023 to CNY1.1tn ($171.9 bn) in 2028, in terms of gross written premiums (GWP), says data and analytics company GlobalData.
China's five biggest 'A' listed insurance companies posted a combined premium income of CNY2.39tn ($336.89bn) in the first 10 months of this year, rising by 5.7% compared to the corresponding period in 2022.
The Insurance Association of China (IAC) has released an exposure draft of its proposed "Standards for Qualifying the Sales Capabilities of Personal Insurance Agents". The guidelines are currently at the feedback stage.
China Reinsurance (Group) Corporation (China Re) has been consistently profitable over the past five years, with an average return-on-equity ratio of 5.0% (2018-2022), mainly supported by returns on interest income sourced from fixed-income investments, which comprise the majority of its investment portfolio, says AM Best.
Several local-level regulatory authorities have issued window guidance to insurance companies on the development and filing of some short-term health insurance products in efforts to improve order in the market.
The Ministry of Human Resources and Social Security has issued a draft of the "Opinion on Strengthening the Standardised Management of Annuity and Pension Products".
Eight major non-life insurance companies have signed a protocol, committing themselves to discipline in the motor insurance branch.
The monthly income of insurance agents in China is concentrated in the CNY3,000 ($423) to CNY20,000 range, accounting for about 70% of the total surveyed, according to a white paper released by the Risk Management and Insurance Research Centre of Peking University HSBC Business School and the Insurance Information Research and Development Centre of the Insurance Marketing Group.
Shareholders of newly-formed Shenergy Property & Casualty Insurance Co have held their first general meeting, at which the company's directors, supervisors and senior management were elected or finalised.