Currently, the average life expectancy of Chinese people has reached over 78 years, yet the retirement age remains one of the lowest in the world -- 60 for men, 55 for women in white-collar jobs, and 50 for working-class women.
The Insurance Association of China (IAC) has released the "2023 China Insurance Industry Social Responsibility Report". This is the fifth consecutive edition of the report, setting out how the insurance industry has been fulfilling social responsibilities.
China's mortality protection gap narrowed by 6% year on year to $73.6bn in 2023, raising the country's resilience index to 38.3% from 36.0% in 2022, says Swiss Re Institute (SRI).
The Property and Casualty Insurance Department of the National Financial Regulatory Administration (NFRA) issued a notice directing insurers to carry out a self-examination of short-term health insurance business by 31 August 2024.
China's five major 'A'-share listed insurance companies have announced their proposed dividend distribution for 2023 would amount to CNY75.52bn ($10.4bn) combined.
The five insurance asset management companies, that are the first insurance asset managers approved to pilot asset-backed securities (ABS) and REIT (real estate investment trust funds) businesses, have now all launched ABS on the stock exchange.
Catastrophe insurance is an effective disaster management tool, with the catastrophe insurance system being much more than catastrophe insurance products, said Mr Zheng Gongcheng, deputy director of the Expert Committee of the China National Commission for Disaster Reduction and president of the China Association of Social Security.
Continuous portfolio overhaul will likely help Sompo China sustain profitable underwriting, which aligns with the parent group's increasing focus on profitability, says S&P Global Ratings (S&P).
Japanese-related business, which accounted for 83% of Mitsui Sumitomo Insurance China's (MSI China) book, will remain the key contributor to the insurer's underwriting profit, says S&P Global Ratings (S&P).
The property insurance market in the Asia-Pacific (APAC) region is projected to grow at a compound annual growth rate (CAGR) of 10.8%. The property insurance portfolio in APAC wrote around $93bn in written premiums and this is expected to touch $152bn in 2028 according to a new report by GlobalData.