From 9 September, insurers will be able to issue perpetual bonds to boost their capital, the CBIRC and the People's Bank of China (PBOC) say in a jointly-issued "Notice on Matters Concerning the Issuance of Perpetual Bonds by Insurance Companies". The objective is to widen insurers' capital replenishment channels and boost solvency and resilience to risk.
Moody's Investors Service says that it expects the level of government support for PICC Property and Casualty Company Limited (PICC P&C), China's biggest non-life insurance company, to remain largely stable.
Around 9.2m residential properties in Turkiye lack earthquake insurance at present, 23 years after the 17 August 1999 magnitude-7.6 earthquake that hit the Marmara region.
The readiness of insurance companies to spin off their Shariah business units has changed in the wake of the COVID-19 pandemic, according to the chairman of the Indonesian Shariah Insurance Association (AASI), Mr Tatang Nurhidayat.
The Financial Regulatory Authority (FRA) hopes to double penetration in the next four years, as part of the its drive to increase financial inclusiveness, according to Mr Hesham Ramadan, assistant to the FRA chairman.
Two insurers, namely, International Energy Insurance (IEI) and Staco Insurance, have attracted new investors who are in the process of repositioning the companies to improve their performance.
The Financial Regulatory Authority (FRA) and insurance companies are carrying out joint studies on the feasibility of setting a floor for investments in listed stocks by insurers.
Under pressure to grow their business, top listed life insurers in China are adjusting their product strategies rapidly. Among several new products launched, incremental wholelife insurance plans have become a large source of revenue for insurance companies.
A new regulation covering insurance asset management firms, when it takes effect on 1 September, will remove a cap on foreign insurers' ownership of such companies. It opens the door to foreign insurers to set up wholly-owned insurance asset management entities.
The Beijing bureau of the CBIRC (CBIRC Beijing) has issued an exposure draft of a work plan to support the development of managing general agents (MGAs), including a pilot programme for such intermediaries.