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.
Allianz opens historic insurance holding company in China
16th January 2020
Global insurer Allianz has opened China’s first fully foreign-owned insurance holding company. Based in Shanghai, it’s hoped the company will support Allianz’ growth ambitions in the country by enhancing its strategic and financial flexibility. Its opening follows recent business registration with the Shanghai Market Administration and Registration Bureau and earlier regulatory ... Read the full article
Korean Re sets up second branch in China
15th January 2020
Korean Reinsurance Company (Korean Re), the Seoul-based reinsurer, has continued to accelerate its overseas expansion with the establishment of a branch in Shanghai. The new office is the second location in China for Korean Re, which previously set up operations in Beijing in 1997. The reinsurer explained that the new branch would ... Read the full article
China’s Anbang reopens sales talks for Chengdu bank
3rd January 2020
China’s Anbang Insurance Group is reopening talks to sell its 35% stake in Chengdu Rural Commercial Bank, according to reports from Reuters. This marks the second time the insurer has attempted to offload its stake in Chengdu, having previously tried to sell the stake for 16.8 billion yuan (US $2.41 billion) ... Read the full article
ZhongAn eyeing insurtech expansion in Asia, belt & road countries
30th December 2019
China’s largest online-only insurer ZhongAn sees as an abundance of opportunities to export insurance technology across Asia and various Belt and Road countries. Bill Song, Chief Executive Officer of ZA Tech Global Limited, an operating entity established by ZhongAn, has noted the firm’s strong track record in China in terms of ... Read the full article
China’s life insurance market “wakes up” to foreign insurers: GlobalData
30th December 2019
The liberalisation of China’s insurance industry is set to offer vast opportunities to foreign life insurers, GlobalData analysts say. Although the share of foreign insurers is low, GlobalData expects the Chinese life insurance market grow to a compound annual growth rate of 9.6% from $316.6 billion in 2018, to $484 billion ... Read the full article
Outlook stable for Chinese P&C insurers in 2020: Moody’s
28th November 2019
Moody’s Investors Service has issued a stable outlook for China’s property and casualty (P&C) insurance industry in 2020, based on diversifying business growth, stable profitability, and strong capitalisation. Offsetting these factors is the fast growth in unseasoned non-motor lines, as well as potential acceleration in motor pricing liberalisation, analysts said. “China’s P&C ... Read the full article
Allianz receives approval for Chinese holding company
15th November 2019
Germany-based insurance giant Allianz is to commence the operation of China's first fully foreign-owned insurance holding company, after receiving approval from the China Banking and Insurance Regulatory Commission (CBIRC). Based in Shanghai, Allianz (China) Insurance Holding Company will support the growth ambitions in the country by enhancing the insurer's strategic and ... Read the full article
Swiss Re exploring possible investment in China Pacific Insurance
6th November 2019
Swiss Re has confirmed that it is exploring a potential investment opportunity with China Pacific Insurance Company (CPIC), after partnering with the company earlier this year. Sources at Bloomberg reported earlier today that CPIC was angling to take a $2 billion stake in Swiss Re, through which it could expand its ... Read the full article
Labuan IBFC partners with China Construction Bank
31st October 2019
Labuan International Business and Financial Centre Incorporated (Labuan IBFC Inc) has signed a Memorandum of Understanding (MoU) with a branch of China Construction Bank Corporation. The agreement with China Construction Bank Corporation Labuan Branch (CCBL) aims to promote the benefits of Labuan IBFC to Chinese companies, in addition to supporting the ... Read the full article
AM Best stays negative on China’s non-life re/insurance market
11th September 2019
Rating agency AM Best has maintained its negative outlook on the China non-life re/insurance sector, citing persistent pressure on motor business and a dependence on investment returns to support earnings. Analysts also highlighted potential execution risks as the market turns toward a non-motor-focused business model. Adding further pressure is the backdrop of ... Read the full article
China’s Ping An to develop nationwide ‘innovation platform’, reports
30th August 2019
Ping An Insurance, China’s largest insurer by market value, has been selected by the country’s Ministry of Science and Technology to build a nationwide innovation platform to help bolster the development of Artificial Intelligence, according to reports from China Daily. The National Open Innovation Platform for Next Generation Artificial Intelligence will ... Read the full article
China’s digitisation opening up previously uninsurable risks: Swiss Re
30th August 2019
The digital transformation currently taking place across China is expanding the boundaries of re/insurance and facilitating the development of solutions for previously uninsurable risks, according to a new report from Swiss Re. Swiss Re describes digitisation as the main engine of China’s economy and expects to see exponential sector growth over ... Read the full article
China Re launches nation’s first commercial earthquake cat model
27th August 2019
China Reinsurance Corporation (China Re) has launched a new proprietary commercial earthquake catastrophe model for China, which aims to benefit the country’s re/insurance sector through improved costs and accuracy. China Earthquake Catastrophe Model v2.0, which has been certified by the Seismological Society of China, is also expected to fundamentally change the ... Read the full article
China Pacific Insurance invests in B3i
22nd August 2019
The China Pacific Insurance Group (CPIC) has joined firms such as AXA, Munich Re, SCOR and Swiss Re in becoming a shareholder of the Blockchain Insurance Industry Initiative (B3i). B3i believes this investment from CPIC extends the breadth of the shareholder community and strengthens its representation across the global insurance market. GU ... Read the full article
HK airport protests highlight exposure risk for re/insurers: Russell Group
22nd August 2019
The recent standoff at Hong Kong International Airport between Chinese authorities and protesters has underscored the potential airport ground accumulation exposures faced by international re/insurers, according data from risk management firm Russell Group. By quantifying aerospace industry and portfolio peak exposure, Russell Group showed that 69 aircraft with a combined value ... Read the full article
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