With forecast growth of 7.7% per annum over the next 10 years, China's life insurance market will be behind India's which is predicted to grow at 13.6% per annum, according to Allianz Research in its "Global Insurance Report 2024".
China's insurance industry reported insurance premium income of CNY2.54tn ($350bn) in the first four months of 2024, according to data from the National Financial Regulatory Administration (NFRA).
Nasdaq-listed Huize Holding, which operates an online insurance products and services platform in China, says that it is very focused on landing on its next market outside mainland China in the next two quarters of this year.
Listed life insurer New China Insurance (NCI) has announced that its board has approved a resolution to pay an interim dividend if the company produces distributable profits for the first half of this year.
2024 marks the fifth year of the establishment of the Dajia Insurance Group in June 2019 by the Chinese authorities to take over the operations of the now-defunct Anbang Insurance Group.
The demand in China for long-term or short-term health insurance products was trending in the first quarter of this year in line with the broader market, according to Mr Ronald Tam, co-CFO of Huize Holding, a Nasdaq-listed company which operates an online insurance products and services platform.
The number of insurance agents has fallen to 2.81m as of the end of 2023, a plunge of 69% from the end of 2019. While the decline is tapering off, there are no signs of when it will stop.
The Monetary Authority of Singapore (MAS) yesterday issued an updated set of Guidelines on Fair Dealing. A key change is that the scope of the Guidelines has been expanded to apply to all financial institutions (FIs), and all products and services they offer to their customers.
The IRDAI has issued a comprehensive Master Circular on Health Insurance Products, which aims to empower policyholders, ensure that they receive the highest standards of care and service, foster trust and transparency and bolster inclusive health insurance.
The Malaysian Takaful Association (MTA) has launched a takaful post-retirement medical cover initiative.