Factors such as growing amounts of data, changing customer expectations, competition from newer, non-traditional players in the insurance industry and risk management and mitigation are some drivers behind increased digitalisation and automation in insurers, according to SS&C Blue Prism - ASEAN and Greater China region vice president of sales James Lucas.
There is a need to discuss how to incorporate hospice care into the medical insurance system in China, says Ms Tu Jiong who is a professor of medical sociology based in Guangzhou.
China alone will generate around 17% of the overall global additional premiums, adding $256bn between 2025 and 2034, according to Swiss Re Institute (SRI).
The growth champion of global life insurance business over the next decade is likely to be India, with a growth rate of +13.6% p.a, says Allianz in its "Global Insurance Report 2024".
Shanghai and Jiangxi have become the latest regions in China to include assisted reproductive services in their medical insurance schemes, as part of the nation's drive to increase the birthrate.
The removal of a restriction that limits the number of Chinese insurers allowed to cooperate with a commercial bank branch to a maximum of three will benefit life insurers' new business sales in the bancassurance channel, particularly for those with more recognisable brands, says Fitch Ratings.
China's five major 'A'-share listed insurance groups posted a cumulative insurance premium income of CNY1.25tn ($176bn) in the first four months of 2024, 1.47% higher than in the corresponding period in 2023.
The Hong Kong Insurance Authority (IA) says that its inspections, intelligence received, and mystery shopping have continued to reveal business models adopted by certain licensed insurance broker companies that appear obviously to rely on unlicensed persons to sell long-term insurance policies to Mainland China Visitors (MCVs).
Insurers in China have begun to consider converting the coverage of existing life insurance policies to pension annuities, notes the mainland Chinese law firm Anjie Law.
Brussels-headquartered Ageas, Belgium's biggest insurer, has announced that it had reached an agreement with China Taiping Insurance Holdings (CTIH) to subscribe to the capital increase of the latter's wholly-controlled subsidiary Taiping Pension Co (TPP) for a total consideration of CNY1,075m ($151.3m).