Zking Property & Casualty Insurance Co (ZKI) reported a combined ratio of 103% in 2023, from 98% in 2022, with an average ratio of 100% over 2021-2023, notes Fitch Ratings.
The insurance industry's total original insurance premium income reached CNY4.38tn ($622bn) in the first eight months of the year, according to data released by the National Financial Regulatory Administration (NFRA).
Although Managing General Agents (MGAs) are in their infancy in China, they are gaining ground in key financial centres in the country such as Beijing, Shanghai and Shenzhen, according to Global Insurance Law Connect (GILC), a network of specialist insurance law firms.
Chinese insurance giant, China Life Insurance Company, has turned in an average return on equity (ROE) of 14% in 2022-2023 (2023: 11%), based on the IFRS 17 accounting standard, says Fitch Ratings.
Motor insurance technology platform, Cheche Group, has entered into a strategic partnership with The Tokio Marine & Nichido Fire Insurance Company (China) (TMNCH), as Cheche continues to broaden its collaboration with insurance companies in China.
As the largest economy in the Asia Pacific region, China's cyber insurance market is poised for significant growth, says global reinsurance broker Gallagher Re.
Samsung Property & Casualty Insurance (China) [Samsung P&C China] is expected to continue to benefit from its largest shareholder, Samsung Fire & Marine Insurance (SFM), which is South Korea's biggest general insurer.
Insurance authorities have granted approval for the establishment of a new insurance company headquartered in Suzhou, a vibrant city in eastern China. The new company, with a national licence, is registered as Dongwu Property & Casualty Insurance.
The National Financial Regulatory Administration (NFRA) is working to improve insurance services for technology-based businesses throughout their entire lifecycle, according to Mr Yin Jiang'Ao, director of the Property Insurance Supervision Department of the NFRA.
Aviva-COFCO Life Insurance Company's risk-based capitalisation declined to 'Strong' in 1H2024, from 'Very Strong' at end-2023, based on the Fitch Prism Global Model, says Fitch Ratings.