China launches new life insurance products regulations

china newspaper mobile life insurance products

The country’s official regulator has established new rules to slow the growth of short- and mid-term products. Short- and mid-term life insurance products are now subject to new rules in China. These were shared on an official website notice from the Chinese industry regulator, the China Insurance Regulatory Commission (CIRC). CIRC has been working to be able to reduce the risk associated with the investment into these products. The CIRC’s concern is that if investments are made into stocks and long term assets using funds based on short-term life insurance,…

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Usage-based auto insurance comes to China

auto insurance ride share

Lichengbao releases China’s first usage-based auto insurance product Auto data company Lichengbao has launched a new usage-based auto insurance product in China, which is the first of its kind in the country. The company has partnered with several smaller insurers to make this possible, aiming to provide drivers with a way to save money on auto insurance coverage. Usage-based insurance has been gaining popularity in China, largely due to the fact that drivers in large cities only use their vehicles sparingly. 40% of consumers in China drive less than 15,000…

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China to expand its expansive health insurance plan

China Health insurance Care Industry

Expansion will provide coverage for those with critical illnesses China has plans to expand its health insurance system in order to provide better coverage to those with critical illnesses that are living in rural and urban areas. By the end of the year, all those living in these areas will receive critical illness protection from the country’s health insurance system. At the end of last year, approximately 1.3 billion people were enrolled into the national system, which has provided these people will access to medical care. New plan will help…

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China’s insurance industry is surging

china newspaper mobile life insurance products

Insurance industry is experiencing rampant growth as more consumers purchase coverage China’s insurance industry is experiencing a period of rapid growth, according to the China Insurance Regulatory Commission. The organization has released information that showed that the country’s insurers have recorded a total premium income of $320.5 billion in 2014. Premiums revenue has grown by 17.5% last year, the highest margin it has grown by in the past three years. The insurance industry has been experiencing a surge as more people purchase coverage in several different sectors. Consumers are using…

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China set to launch new deposit insurance initiative

China insurance market news

New insurance initiative may provide depositors with some much needed protection China is launching a new deposit insurance initiative. The initiative is meant to protect depositors from the financial risks they face in the current economic climate. The insurance coverage provided to depositors will serve as a safety net from the losses they see when a bank fails to pay its own debts. A new insurance agency is being formed as part of this initiative and will be responsible for providing coverage to financial institutions operating in China. Banks will…

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Munich Re makes a move on marine insurance

Marine Insurance

Reinsurer is moving its marine insurance underwriting to Hong Kong Munich Re, one of the world’s leading reinsurance companies, is beginning to consolidate its marine businesses and has chosen Hong Kong as the center for its underwriting in the Asia Pacific region. The company is following a trend that has seen many insurance and reinsurance companies separate their marine businesses from the traditional property casualty sector. Companies are beginning to be affected in changes in the marine sector and are looking to provide better coverage options to organizations that need…

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China’s insurance industry is booming

China Insurance industry news

Insurers in China will likely find more success in the coming years China’s insurance industry has been experiencing rapid growth over the past few years and this growth is expected to accelerate, according to the China Insurance Regulatory Commission. As consumers throughout the country become more affluent, the demand for insurance coverage is beginning to rise. More people are purchasing coverage and insurers are pulling in more revenue from premiums. These premiums are likely to account for a significant portion of China’s gross domestic product in the coming years. Report…

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