Reinsurance News
China
China’s insurance and reinsurance market has been growing rapidly in recent years, alongside the country’s economic development. Data suggests that the growth rate of the China insurance and reinsurance market has significantly outpaced domestic GDP growth, while both insurance density and penetration has been increasing at pace.
Read our China insurance or reinsurance news and analysis below.
International reinsurers shoulder majority of Typhoon Hato losses: A.M. Best
30th January 2018
The Macau non-life insurance industry's ability to withstand Typhoon Hato shows the market's re/insurance models are robust and well backed up by international reinsurers which shouldered the majority of cedants' losses, according to an A.M. Best briefing. Typhoon Hato struck South China in August 2017 as a strong tropical cyclone, however, the Macau ... Read the full article
Munich Re establishes tech-based intelligent insurance centre in Beijing
24th January 2018
Global reinsurance giant Munich Re has announced the establishment of a new technology-based insurance centre in Beijing, China, called Smart Thinking Consulting (Beijing) Company Limited, designed to provide intelligent solutions to its new and existing Chinese business partners. The new centre is based in Beijing's Guomao region, and is home to ... Read the full article
China reinsurance market challenges to continue: A.M. Best
18th December 2017
China's reinsurance market remains challenging for non-life reinsurance companies and is in fact becoming an increasingly difficult place to operate, according to rating agency A.M. Best. A.M. Best highlights a number of issues that face both non-life and life reinsurance companies operating in China, although the prospects for the life side ... Read the full article
PICC Re & AIR Worldwide partner to better manage reinsurer’s growing portfolio
18th December 2017
Chinese reinsurer PICC Reinsurance Company Limited (PICC Re) has partnered with catastrophe risk modeller, AIR Worldwide, to better manage its expanding portfolio of catastrophe risk reinsurance business. Following approval by the China Insurance Regulatory Commission (CIRC) to operate as a stand-alone reinsurer, PICC Re has been eager to work with entities that ... Read the full article
Chinese captive insurer and Guernsey’s ARM launch joint venture
1st December 2017
The only captive insurance consulting group in China, Beijing Airport Captive Management Consulting (BACM), has announced a joint venture with Guernsey-based independent insurance manager, Alternative Risk Management (ARM). In the partnership, ARM will assist BACM with the setting up of captive structures and captive management services for Chinese firms. BACM is backed ... Read the full article
Chubb partners with Chinese insurance giant PICC
28th November 2017
Chubb has entered into a strategic cooperation agreement with China's largest property and casualty insurer, PICC Property & Casualty Company. The agreement enables PICC to leverage Chubb's global capabilities and is in line with the Chinese government's drive to promote international expansion and cooperation to support its "One Belt Road" initiative. "For ... Read the full article
Guernsey’s first Chinese reinsurer launches
23rd November 2017
Brilliant Reinsurance (Guernsey) Limited, Guernsey's first Chinese reinsurer has been established, further deepening the relationship between Guernsey's re/insurance industry and China's business sector. The new company was established and will be managed by Alternative Risk Management (ARM), and will have a focus on business being retroceded from the specialist Lloyd's of ... Read the full article
AGCS expands in China & Indonesia
22nd November 2017
Allianz Global Corporate & Specialty (AGCS), a division of global insurer and reinsurer Allianz, has expanded its presence in China and Indonesia as it looks to take advantage of opportunities from growing regional insurance markets. AGCS has announced that it's started operations in Beijing, China, as a division of Allianz China's ... Read the full article
PartnerRe seeks license to write reinsurance onshore in China
21st November 2017
Bermuda-headquartered reinsurance firm PartnerRe is looking to gain more seamless access to business from China, as it seeks a license to underwrite reinsurance onshore in the country. <PartnerRe has been underwriting reinsurance in China, as an offshore reinsurer, for more than 25 years. But the firm recently sent its U.S. arm, ... Read the full article
China to reverse protectionist stance on foreign ownership of financial firms
21st November 2017
In a reversal of its protectionist policies China plans to ease restrictions on foreign ownership of financial institutions, opening up vast opportunities for global reinsurers to enter the world's fastest-growing life insurance market. The Chinese State Council has committed to relax or end limits on foreign participation in commercial banking, distressed-asset ... Read the full article
Regulatory measures in China mostly credit positive for insurers but challenges remain: Moody’s
10th November 2017
Regulatory measures implemented in China, so far this year, are mostly credit positive for Chinese insurance companies as they mitigate the build-up of risk, however, Moody's Investors Service also highlights a number of potential hindrances to market growth and profitability for certain companies. The regulatory landscape in China continues to evolve, ... Read the full article
China Continent Insurance Co adopts eBaoTech’s new generation core system
8th September 2017
China Continent Insurance Co (CCIC) has adopted eBaoTech’s micro service and cloud-native architecture based new generation core system to lead its digital transformation. China’s sixth largest insurer said the underwriting and reinsurance systems provided by eBaoTech form important components of the firm’s strategic IT transformation. CICC general manager, Chen Yong, commented; "CCIC ... Read the full article
PICC Reinsurance gets capital injection from owners People’s Insurance & PICC
30th August 2017
Chinese reinsurance firm PICC Reinsurance Company limited is getting a capital injection from its two owners, People’s Insurance Company (Group) of China Limited and its subsidiary PICC Property and Casualty (P&C) Company Limited. The pair are contributing a combined RMB 2 billion (approx $303.4m) to increase the share capital of PICC ... Read the full article
C-ROSS is causing Chinese insurers to adapt reinsurance arrangements
3rd August 2017
China’s implementation of the China Risk Oriented Solvency System (C-ROSS) in 2016 reshaped the domestic reinsurance space, leading to insurers choosing reinsurance arrangements with greater risk-based capital efficiency and becoming more wary of offshore cedance due to increased risk charges, said Fitch Ratings in a report. C-ROSS caused insurers throughout the country ... Read the full article
Peak Re predicts normal typhoon season for China after fears of El Nino disperse
1st August 2017
Hong Kong based Peak Re, in collaboration with the Shanghai Typhoon Institute, has predicted a normal level of China's tropical cyclone activity for the second half of 2017 in its first seasonal forecast for China's typhoon risk after initial fears of an El Nino event forming dispersed. About half of the predicted ... Read the full article
Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.
