Insurance industry in China broke $1.18 trillion last year

China Life Insurance industry

The total assets within that country for that sector rose by 22.3 percent last year. According to data from the China Insurance Regulatory Commission, the total assets of the insurance industry in the country rose last year by 22.3 percent. The assets in 2012 increased to the point that they reached $1.18 trillion. This is the equivalent to 7.36 trillian yuan worth of assets in the Chinese insurance industry. The achievement that has just been announced represents the first time that the sector in the country broke the CNY 7…

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International insurance news from China shows rural medical coverage boost

china insurance industry

Health plans for residents of areas outside of urban and suburban zones will receive larger government subsidies. On Monday, China made international insurance news with its latest announcement from the health minister of the country, Chen Zhu, which stated that the government of the nation would be increasing the subsidies that it provides to the medical coverage available to rural residents in 2013. The annual subsidy will be increased by an average of 40 yuan per person. The government subsidy that will now be available to rural residents in this…

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China to strengthen regulations for growing insurance industry

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…

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An insider’s look at the AIG collapse

Unpublished diplomatic cables that were acquired by WikiLeaks reported that during the collapse of the American International Group Inc back in 2008, propriety information about the company were released by the Chinese Insurance Regulatory Commission (CIRC) to its rival companies, as believed by some U.S. officials. The reports say that CIRC intervened during the company’s collapse in September 2008 by forcing the local operations of AIG to open their books daily. CIRC then released the information that they obtained through this move to the competitors so that they will buy…

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