In 2018, typhoons Jebi and Cimarron "toppled over several turbines in Japan", according to an article published by Swiss Re, Climate Change and Wind Power: The Winds of Change.
Iyunbao, a technology service platform company that provides solutions for insurance entities using technologies such as artificial intelligence and big data, is the latest InsurTech to announce plans for a listing in the US.
In the first half of the year, China's five major 'A'-share listed life insurance companies achieved a total premium income of CNY1.12tn ($154.42bn), a year-on-year increase of 2.12%.
The average commission level of the bancassurance channel in China has fallen by 30% since August 2023 when the National Financial Regulatory Administration (NFRA) ordered that commission fees paid to banks must be consistent with the rates reported to the regulator.
The combined premium income of China's three biggest P&C insurers grew steadily in the first half of 2024, expanding by 4.54% year on year to CNY585.42bn ($80.69bn).
Aviva-COFCO Life Insurance posted an operating income of CNY14.46bn ($2bn), a year-on-year increase of 51.35%, of which insurance business income was CNY10.91bn, a year-on-year increase of 24.28%.
The risk-based capital metrics of China Huanong Property & Casualty Insurance Company (CHIC) are expected to remain under pressure in the near to medium term, due to uncertainty around its overall capital raising activity.
The number of millionaires in mainland China in US-dollar terms was 6.01m in 2023, making it the market with the second most number of millionaires among 56 markets studied, according to the "Global Wealth Report 2024" by Swiss investment bank and financial services company UBS.
Ping An Insurance (Group) Company of China has announced that it had raised $3.5bn through a convertible bond sale. The five-year bonds mature on 22 July 2029.
China remained the second largest insurance market in the world in 2023, with total premiums of $724bn. This represents a 10% global market share, says Swiss Re Institute (SRI). The market share was stable compared to 2022 when it stood at 10.3%.