Major changes for China insurance industry. The insurance industry in China is growing at a rapid rate. The country recently opened up its borders to foreign insurers looking to expand into new markets and this initiative has been quite successful. As more insurance companies enter the Chinese market, however, regulators are growing concerned over their ability to comply with the country’s laws and expectations. These concerns have grown too large to ignore any longer and the China Regulatory Commission has announced that it will be strengthening the supervision of the…
Read MoreTag: China insurance
PICC Property & Casualty says auto insurance in China may boost profits
According to PICC Property & Casualty, the decision made by China to permit foreign insurance companies to sell mandatory auto insurance might help the local insurers to make base rate government changes for those policies. The board secretary in Beijing for this largest non-life insurance in the country, Zhang Xiaoli, said that the result of bringing in compulsory vehicle coverage with third-party liability will be “quite limited” for the countries based in the country. He explained that insurance companies from other countries probably won’t “launch any big offensive” because they…
Read MoreEU sanctions against Iran could mark a major shift in the world of insurance
European Union sanctions against Iran’s oil trade are expected to have a significant impact on the marine insurance industry, according to the International Group of P&I Clubs, a consumer association of marine insurance providers. In July, the EU’s sanctions will be enacted and will bar insurance companies from providing coverage to ships that are transporting Iranian oil. Companies that are unwilling to comply with the sanctions or cut ties with the nation are likely to pursue self-insurance, which could weaken the industry considerably as clients begin to exodus. European insurers…
Read MoreOnline System Helps Expedite Clinical Trials in China and Brazil
WARREN, NJ, February 1, 2012– Life sciences companies can avoid costly delays in beginning clinical trials in China and Brazil by downloading local insurance certificates through WORLDcert. This online system from the Chubb Group of Insurance Companies can now also be used to instantly obtain specimen policy language for trials in many countries where ethics committees require the review of insurance contract terms and conditions. “WORLDcert enables clinical trial sponsors, their agents and brokers, and contract research organizations to quickly provide ethics committees with evidence that adequate insurance is in…
Read MoreChina insurance industry to face major challenges this year, according to Regulatory Commission
China may be home to one of the fastest growing insurance markets on the planet, but Xiang Junbo, chairman of the Chinese Insurance Regulatory Commission, says that the industry is faced with major challenges this year. Last year, Chinese insurers saw return on investment results drop by 3.6%. When coupled with the now notorious natural disasters of 2011, the results have rocked the nation’s insurance industry somewhat. Regulators say that if the coming challenges cannot be overcome, the growth of the insurance market may grow beyond the industry’s ability to…
Read More
