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.
AM Best stays negative on Chinese non-life
16th December 2020
Rating agency AM Best has opted to maintain its negative outlook on the Chinese non-life re/insurance market, partly due to the impact of motor reform on premium growth and underwriting performance. Alongside this reform are execution risks and negative profitability impact arising from expansion of non-motor lines, although this could be ... Read the full article
Tencent applying for reinsurance license in China: Report
28th October 2020
Giant Chinese technology conglomerate and fintech company Tencent is applying for a license to operate a reinsurance entity in China, according to reports in local media. It's a natural step for the company which has already expanded successfully into direct to consumer insurance business. Tencent has leveraged its deep connections with customers ... Read the full article
China’s motor insurance reforms a win for consumers, insurers: Swiss Re
20th October 2020
While recent motor insurance reforms in China will likely result in increased price volatility and premium growth slowdown in the near term, both consumers and insurers will benefit in the longer term, according to analysis from Swiss Re Institute. China is the second largest car ownership market in the world, with ... Read the full article
Chinese residential protection a new risk pool for re/insurers: Swiss Re
7th September 2020
A new report by Swiss Re Institute has highlighted the opportunity for re/insurers to access a new risk pool by increasing the uptake of residential coverages in China. Analysts noted that residential insurance premiums totaled only CNY 9.1 billion (USD 3 billion) in 2019, which was less than 20% of all ... Read the full article
State-backed agricultural reinsurer approved in China: reports
28th August 2020
A new state-backed agricultural reinsurer has been approved by China's banking and insurance regulator, according to reports from Xinhua News Agency and Reuters. The company is reported to have been established with $2.34 billion in registration capital. Among the nine shareholders to have co-established the reinsurer are the Ministry of Finance, China ... Read the full article
China’s insurance penetration rises to almost 6% in H1 2020
24th August 2020
A report has been made by the Chinese regulator that the position of China’s insurance industry in the entire national economy has further improved, as insurance penetration is on the rise. According to statistics from the China Banking and Insurance Regulatory Commission (CBIRC), relayed by China Banking and Insurance News, the ... Read the full article
AXA XL gets approval for first foreign-owned reinsurance subsidiary in China
2nd July 2020
AXA XL, the property & casualty and specialty risk division of AXA, has revealed that its China subsidiary, XL Insurance (China) Company Limited has received the go-ahead from the country's regulator to change its business license from an insurance license to reinsurance. The green light from the China Banking and Insurance ... Read the full article
Chinese rural market a sea of untapped demand: Swiss Re
29th June 2020
With China set to vastly increase its investment in rural infrastructure over the coming years, this section of the population presents a “Blue Ocean” opportunity for re/insurers to capitalise on untapped demand and still limited competition. This is according to Swiss Re Institute, which noted in a new report that the ... Read the full article
Chinese regulator extends preferential treatment for Hong Kong
26th June 2020
The China Banking and Insurance Regulatory Commission (CBIRC) has announced it will extend the preferential treatment afforded to Hong Kong under its solvency system for another year. The decision means mainland insurers who cede business to local reinsurers can continue to enjoy lower capital requirements until 30 June 2021. According to the ... Read the full article
Munich Re’s ERGO expands in China via Taishan investment
8th June 2020
ERGO, the primary insurance arm of reinsurance giant Munich Re, has expanded its property and casualty (P&C) services in the Chinese market via a strategic investment in Taishan Property & Casualty Insurance Co., Ltd. Once completed, the deal will see ERGO take 24.9% equity interests of Taishan Insurance through its subsidiary, ... Read the full article
Regulation, tech assisting the recovery of China’s insurance industry: GlobalData
29th May 2020
The Chinese insurance industry remains on track to record strong growth between 2019 and 2023 as the sector begins to recover from the losses driven by the COVID-19 outbreak, reports GlobalData. Analysis by GlobalData finds that regulatory changes and the use of technology are key to the ability of China's insurance ... Read the full article
China Re eyes US business entity
1st April 2020
China Reinsurance Group, the country’s largest reinsurer, could be eyeing a move into the US. The company revealed that it is carefully considering a plan to set up a business entity in the US based on global strategy and the implementation of the Sino-US phase one trade deal. The phase one deal ... Read the full article
Coronavirus poses limited threat to Chinese insurers: Moody’s
4th February 2020
Analysts at Moody’s Investors Service believe that the ongoing coronavirus outbreak poses only a limited threat to the Chinese insurance sector, with disruption likely to stem mostly from broader economic impacts. The firm noted that Hubei, the province at the centre of the outbreak, only accounted for around 4% of domestic ... Read the full article
Chinese economic plans to generate re/insurance growth: Swiss Re
4th February 2020
China’s forthcoming five-year economic plans are likely to generate re/insurance sector growth in protection-type products, mutual, health and pensions insurance, as well as infrastructure and other business opportunities, according to anew report from Swiss Re Institute. The plan for the years 2021-2025 aims to transition China toward a high-income economy, with ... Read the full article
Reinsurers face highest risks from coronavirus, says A.M. Best
31st January 2020
Analysts at AM Best believe that reinsurers could face higher levels of risk related to the ongoing Coronavirus outbreak than their primary life & health counterparts. The rating agency noted that reinsurers typically have higher exposures to mortality and morbidity risks, and may have as much as 40% or more of ... Read the full article
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