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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
China launches international board for reinsurance trading in Shanghai
8th June 2023
Shanghai has officially launched an international board for reinsurance trading with a vision to build the city into a global reinsurance centre. Implementation rules have also been rolled out by the country’s financial regulator and the Shanghai government. The new international board for reinsurance is a part of the Shanghai Futures ... Read the full article
Muted inflation in China reflects weak demand; marginal upside risk for L&H insurers: Swiss Re Institute
5th June 2023
Inflation in China remains muted post-pandemic, reflecting soft domestic demand, which will have limited impact on global growth and inflation; and marginal upside risk for L&H insurers, analysts at the Swiss Re Institute have stated. Consumer price index (CPI) inflation rose on average by 1% in the first four months of ... Read the full article
China’s insurance sector surpasses expectations says new regulatory body
2nd June 2023
The performance of China’s insurance sector was better than expected in the first three months, the new regulatory body tasked with supervising the country’s financial sector announced in its first work meeting in the middle of May. One of its first duties since its inauguration on May 18, the National Administration ... Read the full article
Gallagher Re names new CEO for China & Hong Kong, and Head of Beijing
31st May 2023
Reinsurance broker Gallagher Re has made senior appointments in China, with a new CEO for the Mainland China and Hong Kong business, as it hired Jia Lou from rival Guy Carpenter to take on the role. Jia Lou is a well-known figure in the China insurance and reinsurance marketplace, and has ... Read the full article
China Re sees significant net income growth in Q1 2023, raises capital
5th May 2023
China Reinsurance Group (China Re), the country’s largest reinsurer, has published its first quarter of 2023 results, reporting an increased net profit of RMB 1,235 million and a combined ratio - at its own level - of 103.35%. In the same period last year, the Group reported RMB 463 million in ... Read the full article
Chubb gains greater market penetration in China with Huatai deal
19th December 2022
According to GlobalData, Chubb's increased stake in Huatai Insurance Group from 47.3% to 83.2% will allow the firm to bolster its life insurance business in the Asia-Pacific region, giving access to Huatai’s 19 million customer base and a network of 400 branches and 23,000 agents, spread across 20 out of ... Read the full article
Maxim Ryzhkov appointed CEO of Allianz Trade in China
15th December 2022
Maxim Ryzhkov has been appointed as CEO of Allianz Trade in China, effective 1 January 2023. According to the firm, Ryzhkov will be leading Allianz Trade in one of the largest and fastest-growing markets in the Asia Pacific region. Before this appointment, Ryzhkov was Commercial Director for Allianz Trade in Nordic, overseeing ... Read the full article
AM Best upgrades China non-life outlook to stable
14th December 2022
AM Best has revised its market segment outlook on the China non-life insurance industry to stable from negative due to the segment’s improved underwriting performance and better growth prospects as China eases its zero-tolerance COVID-19 policy. The rating agency notes that non-life companies’ net profit increased by 20% year over year ... Read the full article
DARAG receives approval for Part VII transfer with China Taiping
5th December 2022
DARAG Group has announced that its German insurance carrier - DARAG Deutschland AG, has received court approval to complete a Part VII transfer with China Taiping Insurance (UK) Co Ltd (CTI), a subsidiary of China Taiping Insurance Group. In December 2021, DARAG announced that it had signed an agreement for ... Read the full article
Munich Re launches new research and development centre in China
23rd November 2022
Munich Re has launched a new research and development centre in Shanghai, China. The firm said that the new centre will ‘foster new innovative initiatives’ through facilitating networks with technology providers and industry leaders. It said that the new setup, named Munich Re China Innovation R&D Centre, will enable Munich Re ... Read the full article
AM Best upgrades China Re ratings
21st November 2022
AM Best has upgraded the Long-Term Issuer Credit Rating to “a+” from “a” and affirmed the Financial Strength Rating (FSR) of A of China Reinsurance (Group) Corporation (China Re) (China) and its subsidiaries. According to AM Best, China Re’s ratings reflect its balance sheet strength, which AM Best assesses as very ... Read the full article
China life insurance industry to reach $665.6bn in 2026: GlobalData
2nd November 2022
The life insurance industry in China is set to grow at a compound annual growth rate (CAGR) of 6.3% from CNY3.1 trillion ($484.4 billion) in 2021 to CNY4.25 trillion ($665.6 billion) in 2026, in terms of direct written premiums (DWP), said GlobalData. According to the data and analytics company, this growth ... Read the full article
Ageas sees strong impact from European inflation, plus financial strife in China
28th October 2022
Ageas has released its Q3 2022 results, saying that it saw a ‘strong impact’ from UK and Turkish inflation, along with adverse financial markets in China. The firm had said, while commenting on the first half year 2022 performance in August, that it was confirming its guidance of €1bn for the ... Read the full article
China general insurance market to reach $304.4bn in 2026: GlobalData
26th October 2022
According to GlobalData, the Chinese general insurance market is set to grow at a compound annual growth rate (CAGR) of 7.2% from CNY1,367.7bn ($212.1bn) in 2021 to CNY1,943.1bn ($304.4bn) in 2026, in terms of direct written premiums (DWP). Despite registering a low growth of 0.7% in 2021 due to a decline ... Read the full article