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.
China P&C outlook turns negative on motor stress: Moody’s
28th October 2021
Moody’s has issued a negative outlook for the property and casualty (P&C) insurance sector in China, based on the expectation that motor lines will continue to bear underwriting losses beyond 2021. Non-motor lines are likely to support premium growth at low single-digit percentages in 2021 and mid single-digit percentages in 2022, ... Read the full article
Evergrande exposure minimal for US insurance industry: NAIC
18th October 2021
US insurers face only “minimal” exposure to the potential collapse of property development giant China Evergrande, according to the research team at the National Association of Insurance Commissioners (NAIC) Capital Markets. Evergrande is focused on the residential market in the China, but with $300 billion of debt to its name economists ... Read the full article
Chaucer adds to Belt & Road Consortium at Lloyd’s
12th October 2021
Specialty re/insurance group Chaucer has announced the addition of political risks and contract frustration to its Belt and Road Consortium at Lloyd’s solution. The consortium, which was launched in June 2021, provides large-scale capacity of up to $300 million to companies working on China’s Belt and Road Initiative. It combines Chaucer’s ... Read the full article
Trade disruption likely to continue, Chinese energy issues a factor: Russell
11th October 2021
Analysts at risk modelling company Russell Group have warned that $120 billion of trade flows could be delayed, with ongoing Chinese power shortages a major factor. Shortages have already caused factories in the provinces of Jiangsu, Guangdong and Zhejiang to shut down or move to a three-day week, many of which ... Read the full article
Gen Re supports launch of new Chinese life insurance product
31st August 2021
Gen Re, the global reinsurance subsidiary of Berkshire Hathaway, has backed the launch of a new life insurance product by Fanhua Inc. in China. The product, which is also backed by Dingcheng Life Insurance Co., Ltd, is a customized whole-life insurance solution that targets at mid-and-high net worth individuals, and is ... Read the full article
Foreign insurers enjoying strong growth in China: RBC
23rd August 2021
Analysts at RBC Capital Markets have observed strong growth among foreign insurers in the Chinese market, in contrast to local players who have seen volumes stagnate. And RBC expects to see a continuation in this shift, noting that insurers who grew their share of the market during the pandemic were able ... Read the full article
AM Best keeps ZYIC’s ratings amid concerns over Henan flood claims
28th July 2021
Rating agency AM Best has kept agricultural insurer, Zhongyuan Agricultural Insurance’s (ZYIC) Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb+”, following the heavy rains that have flooded the province of Henan, China since July 19th. This extreme weather disaster, which has affected the central and ... Read the full article
Regulatory revision to propel China reinsurance growth: GlobalData
25th June 2021
Data and analytics firm GlobalData is projecting that China’s reinsurance market will grow at a compound annual growth rate (CAGR) of 6.8% from 2019 to 2024, on the back of proposed revisions to its reinsurance regulatory regime. The China Banking and Insurance Regulatory Commission (CBIRC) has put forward new rules that ... Read the full article
Chaucer launches Belt & Road consortium at Lloyd’s
24th June 2021
Specialty re/insurance group Chaucer has launched its new Belt and Road Consortium at Lloyd’s, designed initially to underwrite political violence risks but with plans to develop other lines in the future. Working with Chaucer’s parent company China Re, the consortium will provide large-scale capacity of up to $400 million for political ... Read the full article
China consulting on changes to reinsurance regulatory regime
3rd June 2021
The China Banking and Insurance Regulatory Commission (CBIRC) has proposed a number of revisions to its reinsurance regulatory regime, which aim to strengthen risk management functions, improve risk prevention and control, and promote the further development of the market. A spokesperson for the regulator explained that there will be eight main ... Read the full article
Foreign insurers show strong progress in China: RBC Capital Markets
9th April 2021
European re/insurers have made “significant progress” in China following regulations to open up the Chinese market in 2019, according to analysts at RBC Capital Markets. Although this progress has largely been overlooked due to the pandemic, RBC notes that several insurers, including AXA and Allianz, have taken actions to seize early ... Read the full article
Chinese carriers to benefit from removal of capped ownership: GlobalData
2nd March 2021
Analysis by GlobalData projects an almost 33% increase in China's gross written premiums (GWP) in 2024 from the level recorded in 2020, with growth expected to benefit domestic champions despite the country opening up. China is on course to become the largest insurance market in the world, but while attracting foreign ... Read the full article
Swiss Re sees short-term health insurance as growth driver in China
12th January 2021
A new report from Swiss Re has identified short-term health insurance as a growth driver for non-life re/insurers operating in China. According to data from Swiss Re, short-term health insurance premiums rose by 35% in China during the first 11 months of 2020, boosted by digital sales and risk-conscious consumers with ... Read the full article
Chinese P&C re/insurers turn underwriting loss in 2020: reports
8th January 2021
Chinese property and casualty (P&C) re/insurers generated an underwriting loss of 7.608 billion yuan (USD 1.18 billion) over the first 11 months of 2020, according to reports from regional publication Securities Daily. This represents a decrease of 10.889 billion yuan from the 3.291 billion yuan (USD 510 million) that the sector ... Read the full article
Resilient profits underpin stable Chinese life outlook: Moody’s
21st December 2020
Moody's Investors Service has assigned a stable outlook to the Chinese life insurance industry for 2021, citing resilient profitability and capitalisation. Large recurring premiums, which reflects the industry's earlier efforts to shift its product focus to long-term regular premium policies, will also improve overall income stability, Moody’s said. And business growth could ... Read the full article
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