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.
Stable margin & growth to underpin Chinese non-life capital adequacy: Fitch
12th December 2022
Fitch Ratings suggests its neutral outlook for the Chinese non-life market reflects its view that the sector will maintain a sound solvency buffer and steady premium growth, alongside its expectation that insurers’ flexibility to raise capital in support of business expansion will remain intact. Further, Fitch expects a sustained moderate pace ... 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
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
Revisions to capital measurement are credit neutral for Chinese insurers – Moody’s
28th July 2022
Moody’s Investors Service has realigned the solvency ratio rating triggers for 22 rated Chinese insurers, following revision to capital measurement under the China Risk-Oriented Solvency System (C-ROSS) second phase. The ratings agency says the change in reported solvency ratios better reflects their economic capital. The China Insurance Regulatory Commission ... Read the full article
Natural catastrophe resilience is on the rise across China – Swiss Re
4th July 2022
Natural catastrophe resilience is on the rise across China’s provinces, according to a new report by Swiss Re Institute. The country’s national natural catastrophe resilience index rose to 9.0% in 2021 from 8.1% in 2020 and 7.6% in 2019, despite a major flooding event in Henan province in ... Read the full article
Supply chain chokepoints threaten consumers, countries and reinsurers – Russell
24th June 2022
Supply chain chokepoints are a threat to consumers, nation states and the re/insurers that need to understand their potential risk accumulations, according to a new Russell report. Navigating a Path Though Accumulating Marine Exposures looks at the world's largest ports and identifies several international chokepoints. ... Read the full article
China’s yuan and the Japanese yen “most vulnerable to climate change” – Barclays
24th June 2022
China's yuan and the Japanese yen are the currencies most vulnerable to climate change, according to a new report by Barclays. The bank looked at the effects of climate change on exchange rates, saying rising temperatures and associated economic costs could tank the value of the Chinese ... Read the full article
Shanghai lockdown a $28bn global trade hit: Russell
6th May 2022
The current Shanghai Covid lockdown has created severe delays at the port, delivering a $28 billion hit to global trade, with clothing and textiles industries having the most exposure, according to analysis by Russell Group, a data and analytics company. Recent COVID flare-ups across China have caused huge disruption both to ... Read the full article
COVID resurgence in China impacting supply chains, warns Maersk
31st March 2022
Shipping and logistics company Maersk has warned that flare-ups of COVID-19 across many of China’s largest cities are having an adverse effect on global supply chains. A number of cities in China, including Beijing, Hong Kong, Shenzhen, Shanghai, and Qingdao, are currently dealing with a resurgence in COVID cases. In response, the ... Read the full article
Reask closes funding round led by Tencent
21st January 2022
InsurTech Reask has closed its seed funding round led by Tencent, the global technology giant headquartered in China. Reask plans to use the funding on product development, operational expansion, and business development worldwide, including a focus on the London Market. The insurtech is currently taking on legacy Nat Cat modelling firms by ... Read the full article
Insurance Authority to continue nurturing ecosystem for green insurance
14th January 2022
The Hong Kong Insurance Authority (IA) recently hosted a discussion where insurance professionals shared their predictions on the industry’s participation in initiatives for addressing climate change, noting the emerging opportunities ahead. With climate change remaining as an imminent threat facing humanity, governments worldwide have created action plans to combat its impacts, ... Read the full article
C-ROSS Phase II to raise risk capital charges on credit insurance: Moody’s
7th January 2022
According to Moody’s, the new China Risk Oriented Solvency System (C-ROSS) Phase II will improve measurement of insurers' loss-absorbing capacity and better align capital charges with actual product and asset risks. The rating agency also noted that credit focus will be on insurers' ability to moderate business growth and reduce investments ... Read the full article
China lowers entry barriers for foreign re/insurance brokers
31st December 2021
The China Banking and Insurance Regulatory Commission has moved to lower restrictions on the entry of foreign insurance brokerage companies. The CBIRC recently issued the "Notice of Clarifying Measures for the Opening of the Insurance Intermediary Market", which aims to further clarify the relevant measures for the opening of the insurance ... Read the full article
John Chen to step down as President of Swiss Re China
3rd December 2021
Reinsurer Swiss Re has announced that John Chen has decided to retire from his role as President of Swiss Re China and General Manager of the Beijing Branch. Chen will step down as of January 31, 2022, following five years at Swiss Re. Swiss Re has asked Brian Han, Deputy Head of ... Read the full article
China insurance industry to hit $313bn in 2025: GlobalData
25th November 2021
The general insurance industry in China is projected to grow from CNY 1.36 trillion (USD 196.8 billion) in 2020 to CNY 2.13 trillion (USD 313.0 billion) in 2025, in terms of direct written premiums (DWP), according to data and analytics company GlobalData. GlobalData’s latest figures show that the general insurance industry ... Read the full article
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