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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China’s insurance industry is surging
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…
Read MoreMarriage insurance takes off following a rash of cheating among celebrities
This trend has been heaviest in China, where social media has reported infidelities among some top stars. As news of major celebrity divorces, infidelities, and other relationship-ending occurrences started making its rounds throughout social media sites in China, recently, the number of people who have been looking into marriage insurance has suddenly started to rise. It looks as though many people are starting to take this relationship news personally and want to protect themselves. Among the largest reports that have caused marriage insurance to increase in popularity was that Wen…
Read MoreLife insurance policies from Hong Kong selling well in China
Mainland Chinese consumers are helping to boost the sale of the coverage through cross border shopping. Visitors from mainland China have been helping to increase the success of the life insurance industry in Hong Kong as they have been buying policies at a rate that is returning the sector nearly to the level that it had reached before the global economic crisis began. New premiums for the policies are helping to boost the appeal of the coverage, leading to considerable recovery. The newly created premiums for life insurance being sold…
Read MoreChanges to insurance laws opens industry to greater freedoms
An amendment to the Insurance Act has been passed by the Legislative Yuan in Taiwan, which now makes non-investment foreign currency life insurance policies exempt from an existing quota for foreign investments imposed on insurers. Under the regulations that were in place, insurers had not previously been permitted to place more than 45 percent of their investments of their total funds into assets that are foreign-denominated. Insurance companies are now permitted by the Financial Supervisory Committee (FSC) to sell non-investment foreign currency life insurance policies without subjecting those policies’ funds…
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