Chinese insurance industry takes moves away from centralized supervision

Chinese insurance industry - Office Buildings in China

The country is moving to decentralize the oversight of its $3.1 trillion industry. China is making the first moves to decentralize the oversight of the $3.1 trillion Chinese insurance industry as it seeks to enhance efficiency levels. The CBIRC has produced new guidelines granting local regulators more supervisory power. The China Banking and Insurance Regulatory Commission (CBIRC), the national Chinese insurance industry regulator, issued all new guidelines granting new supervisory powers to local regulators who will now be responsible for certain segments of the sector. This decision is expected to…

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Alibaba and Tencent’s insurer rolls out blockchain health insurance technology

Blockchain health insurance - Technology - Health Logo

The new infrastructure tech is already being used with 100 hospitals in China. ZhongAn, a massive insurer in China, recently started using blockchain health insurance technology in a partnership with 100 hospitals. The insurance company is a massive one, providing infrastructure to 10 local providers. The importance of this technology in the Chinese and global insurance sectors The insurance industry, the health care industry and technology are deeply intertwined among each other. They are now dependent on each other as well. Now, Alibaba and Tencent’s insurer has entered into one…

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US group makes insurance news in China with new disaster recommendations

China insurance market news

An American business group has started to urge China to boost its coverage and service industry access. At the end of last week, an American business group made insurance news as it started urging China to boost its access to insurers as well as businesses from other service industries, as they claim that the boost of foreign skills could help the country to enhance its shaky stock markets and to be able to better cope with catastrophes such as the recent Tianjin chemical explosions. The group feels it would be…

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Insurance news reports suggest $1-$1.5 billion in losses from Tianjin explosions

Tianjin explosion

These reports are based on the blasts that have rocked the Chinese port city and surrounding area. The two sets of explosions that devastated Tianjin, the Chinese port city, and that killed over 100 people, so far, are now making insurance news again as initial estimates are being released that indicated that covered losses will be anywhere from $1 to $1.5 billion. This initial estimate was released by Credit Suisse, based on early media reports from China. Tianjin is no small port. It is the third largest port on the…

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Insurance news from Tianjin explosions shows claims have started

Tianjin explosion China insurance news

Zurich has announced that it is already receiving claims and that it is bracing for many more. The insurance news from Zurich Insurance Group’s Chinese unit has revealed that it has already started receiving filings with regards to the explosion in the country’s northeast city of Tianjin, and it has added that it is preparing to receive many more. The blast struck the city in China last Wednesday, killing over 85 people and injuring more than 720. As rescue workers continued to pull survivors out of the disaster zone, two…

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