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.
AI model DeepSeek could improve operating efficiency for China’s insurers: AM Best
24th March 2025
The use of the artificial intelligence (AI) model DeepSeek among mainland China insurance companies has the potential to enhance operational efficiencies for small to medium-sized carriers, though it also introduces risks, according to AM Best. Several insurers in China have announced the deployment of DeepSeek in their operations. In a new commentary, ... Read the full article
China’s untapped personal & health insurance market to unlock growth opportunities: BCG
26th November 2024
China's personal insurance sector is predicted to grow in the range of 5% to 10% by 2035, a potential expansion primarily driven by the relatively untapped market for pension and health insurance in the country, according to a recent report by BCG. With an ageing population, increased health awareness post-COVID, and ... Read the full article
Rare Earth unveils wholesale insurance broker in mainland China
28th October 2024
Rare Earth Insurance Partners Shanghai (Rare Earth Shanghai), member of the +8 Partners ecosystem, has officially launched in mainland China as the first independent wholesale insurance broker in the territory. The company, which is led by industry veterans Wang Wei and Mark Gu, will reportedly provide expertise and competitive commercial insurance products ... Read the full article
China approves new insurance ventures from BNP Paribas and Prudential
21st October 2024
China is further opening its massive insurance market by approving the establishment of separate insurance units for BNP Paribas and Prudential Financial. The National Financial Regulatory Administration (NFRA) greenlit a BNP Paribas joint venture with Volkswagen Financial Services, according to NFRA head Li Yunze. US-based Prudential Financial has also received approval for ... Read the full article
AM Best maintains stable outlook for China’s non-life insurance sector
18th September 2024
AM Best has maintained a stable outlook for China’s non-life insurance sector, pointing to factors like a supportive regulatory environment, increased awareness of health insurance, and growth potential in the electric vehicle insurance market. The ratings agency notes that the sector's solvency ratios under the China Risk-Oriented Solvency System (C-ROSS) stabilised ... Read the full article
Japan’s life insurance sector revives while China faces yield challenges: Swiss Re
15th July 2024
Japan's life insurance industry is seeing a resurgence as the economy overcomes its "lost decades," according to a recent report by global reinsurer Swiss Re. In contrast, China's life insurers are now dealing with the same "negative spread" problem. Since 2020, investment yields in China's life insurance sector have fallen by ... Read the full article
Fintech industry shifts focus to profitability during growth challenges: BCG
12th July 2024
The fintech industry is poised for significant growth despite recent challenges, according to a recent report by Boston Consulting Group (BCG), a management consulting firm, and QED Investors, a venture capital firm specialising in fintech, titled Global Fintech 2024: Prudence, Profits, and Growth. Drawing insights from interviews with over 60 global ... Read the full article
MAPFRE RE expands presence in Asia with new China office
5th July 2024
Global reinsurer MAPFRE RE to open its new branch in Beijing as it has been granted approval from the National Financial Regulatory Administration of the People’s Republic of China. The Beijing Branch is an important milestone for MAPFRE RE’s strategic development in China, the company stated. It will enable MAPFRE RE to ... Read the full article
Electric vehicle surge drives insurance market highs: Swiss Re
24th June 2024
In a recent report, the reinsurance company Swiss Re forecasts a 30 percent annual growth in global electric vehicle (EV) sales until 2030, propelling the EV insurance market to surpass USD 200 billion by 2030, up from USD 51 billion in 2022. This surge in the market is influenced by shifting ... Read the full article
Insurance premiums and policies rise in China in Q1 2024
10th June 2024
The China National Financial Regulatory Administration (CNFRA), responsible for overseeing the stability and compliance of China's financial sector, has released its supervisory statistics for the first quarter of 2024, highlighting significant increases in insurance premiums and the number of new policies. By the end of the first quarter of 2024, insurance ... Read the full article
SCOR to “massively” boost investments in the Chinese market
7th May 2024
In an interview with China Daily, Thierry Leger, Chief Executive Officer (CEO) of French reinsurer SCOR, stated that the company will "massively" boost investments in the Chinese market to capture the country's long-term growth prospects. He added that he "disagrees strongly" with the arguments that China's economic development has peaked because ... Read the full article
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
Chinese property insurance industry set to exceed $67 billion by 2028: GlobalData
16th February 2024
According to GlobalData, a prominent data and analytics company, the Chinese property insurance sector is anticipated to soar at a compound annual growth rate (CAGR) of 12.1% over the period of 2024 to 2028. This growth trajectory is expected to elevate the industry from CNY271 billion ($40.5 billion) in 2024 to ... 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
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