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Low inflation in China should contribute to global disinflation process: Swiss Re
5th April 2024
Deflation pressure in China is easing, but there is little upside to come according to the Swiss Re Institute, as its forecasts low inflation for the country in 2024, which should contribute to the global disinflation process and support insurance markets. China's headline CPI returned to growth in February after four ... Read the full article
China offers significant growth potential, says Munich Re’s Wenning to China Daily
17th January 2024
In an exclusive interview with China Daily, Joachim Wenning, Munich Re's Chair of the board of management, said that the reinsurance giant currently books an annual premium income of approximately $2.19 billion in China, but expects this to rise in the future given the significant risk in the country. Despite the ... Read the full article
China’s property market downturn unlikely to trigger global financial crisis: Swiss Re
15th January 2024
The Swiss Re Institute has released an analysis on the ongoing downturn in China's property market, asserting that the risk of a global financial contagion is contained. Despite persistent concerns surrounding the potential spillover effects, the institute believes a broader financial crisis is unlikely. The report highlights key factors contributing to the ... Read the full article
Generali strengthens presence in China with full acquisition of Generali China Insurance
10th January 2024
Generali has signed an agreement to acquire the remaining 51% stake in Generali China Insurance Company Limited (GCI), making it the sole owner of the property and casualty insurance business in China. The deal, valued at approximately €99 million, marks a significant step in Generali's strategic expansion in key Asian markets. The ... Read the full article
Prudential targets growth for China life insurance joint-venture
22nd December 2023
Prudential plc, an international insurance giant, has approved a capital increase for its business in Mainland China to drive growth. CITIC-Prudential Life (CPL), a 50/50 joint venture with China's CITIC Bank, is said to be increasing its registered capital by RMB2.5 billion (US$351 million), with each shareholder contributing an equal amount in ... Read the full article
China and India among world’s most vulnerable nations: DisasterAWARE
5th December 2023
A recent report by DisasterAWARE Enterprise has revealed the world's most vulnerable nations with India ranking lowest in overall resilience, which along with China, has the largest populations with the most potential exposure to natural disasters. The 2024 Disaster Risk Index Report provides a comprehensive evaluation of disaster risk, vulnerability and ... Read the full article
AM Best affirms China Re’s credit ratings
21st November 2023
China Reinsurance Group Corporation (China Re) and its subsidiaries have had their Financial Strength Rating (FSR) of A (Excellent) and a Long-Term Issuer Credit Rating (Long-Term ICR) of “a+” (Excellent) affirmed by AM Best, with a stable outlook assigned. According to the ratings agency, this affirmation has been driven by ... Read the full article
Munich Re’s ERGO-FESCO and BMW (China) approved to set up in Beijing
9th November 2023
Munich Re's ERGO-FESCO Broker Company Limited and BMW (China) Insurance Brokers Co. have received regulatory approval to set up in Beijing. Li Yunze, head of the National Administration of Financial Regulation, said at the opening ceremony of the annual Financial Street Forum, “To make it easier for foreign institutions to enter ... Read the full article
China Re completes set up and capitalisation of digital technology unit
16th October 2023
China Reinsurance (Group) Corporation has completed the establishment of its previously announced subsidiary, China Reinsurance Digital Technology Co., Ltd. (CRDT), which will provide IT services to member companies and launches with registered capital of 200 million yuan (USD 27.4 million), solely funded by the firm. In a previous filing, China Re ... Read the full article
Declining interest rates causing increased reinvestment risk for insurers in China: AM Best
16th October 2023
Declining interest rates in China are said to have led to narrowing spreads and increased reinvestment risk for domestic insurance firms, which ultimately places a greater onus on insurers' asset-liability management. Global ratings agency AM Best, has stated that with yields of 10-year government bonds remaining below 3% across the past ... Read the full article
China Re reports substantial H1 net profit increase as P&C segment shines
30th August 2023
China’s largest reinsurance company, China Re, has disclosed it achieved a net profit of RMB 2.067 million in H1 of 2023, up substantially from RMB 365,972 in the same period last year. China Re's gross written premiums during H1 amounted to RMB 102.617 million, representing a year-on-year increase of 16.6%. Meanwhile, ... Read the full article
Aon names Qin Lu as head of Greater China
22nd August 2023
Aon has named Qin Lu as head of Greater China to "bring together risk capital and human capital capabilities." In the new role, Lu will oversee Aon's business in mainland China, Hong Kong, Macau and Taiwan. Earlier this year, the firm created a new Greater China sub-region for these markets to "better ... Read the full article
Claims for China floods reach 260,600 as loss estimate hits $1.37bn
14th August 2023
China's insurance institutions have so far received 260,600 claims in the 16 regions affected by floods and geological disasters triggered by recent extreme rainfall, with the estimated losses set out in the claims totalling 9.78 billion yuan ($1.37 billion), according to the National Financial Regulatory Administration. In July, China was hit ... Read the full article
SiriusPoint & partners unveil new medical insurance product in China
31st July 2023
SiriusPoint's Life Reinsurance Team has partnered up with insurance and healthcare technology platform WaterDrop, MGA and employee solutions provider Further Group, and China Pacific Health Insurance to launch a new medical insurance product - Blue Ocean LifeTime. Aimed at the 200 million users of WaterDrop, Blue Ocean LifeTime aims to provide ... Read the full article
China Re unveils plans for digital transformation
26th July 2023
China Reinsurance Group (China Re), the country's largest reinsurance firm, launched its digital transformation strategy in Beijing on Tuesday, making arrangements for the group's transition in the coming five years. The company put forward a "1234" working idea with one goal, two integrations, three logics, and four unifications, and clarified the ... Read the full article