Five major A-share listed insurance companies posted an aggregate gross premium of CNY1.84tn ($285bn) in the first eight months of this year, a decrease of 0.58% year-on-year, contrasting with a year-on-year increase of 6.15% in the corresponding period in 2020.
The Insurance Working Group of the EU Chamber of Commerce in China says that it expects Beijing to continue with its incremental approach to reform and opening up to strengthen its financial sector, while emphasising strict compliance with regulatory requirements.
The Insurance Working Group of the EU Chamber of Commerce in China notes that while there have been key changes in opening up of the Chinese insurance market since 2019, the persistence of indirect barriers have rendered opening-up incomplete.
The comprehensive reform of auto insurance, which passed its first anniversary on 19 September, is forcing the transformation of property and casualty insurance companies, according to China Property & Casualty Reinsurance (China Re P&C).
Non-motor insurance business is not the panacea for the woes currently faced by P&C insurers. Much more needs to be done to offset the pressure exerted on them by comprehensive motor insurance reforms.
Ranked by volume of premiums, the positions of the five major insurance companies remain unchanged for the first eight months of this year. Ping An still placed first despite being the only group among the five to show negative growth during the period.
The Australian Securities and Investments Commission (ASIC) has updated its regulatory guidance on the prohibition of hawking financial products.
The Insurance Council of Australia (ICA) has said that it is monitoring the number of damage claims arising from yesterday's surprise earthquake that shook the state of Victoria.
The insurance industry's biggest diversity and inclusion festival, Dive In, was launched yesterday, with employees in the sector across nearly 40 countries joining the festival, both virtually and physically.
The Insurance Federation of Egypt (IFE) has initiated various projects in cooperation with the Financial Regulatory Authority (FRA) including adopting innovative business strategies and designing new products as well as concluding several partnerships that will enhance the performance of the insurance industry in Egypt.