More than half (57%) of high-net-worth individuals (HNWI) in Greater China said they leverage insurance to "facilitate a smoother transfer of wealth to future generations", according to a study by Manulife and Deloitte.
A new report has highlighted key findings regarding the financial planning preferences of high-net-worth individuals (HNWI) in the Greater China region, released by Manulife Hong Kong and Deloitte.
As property insurers release their solvency reports, data shows that over 60 insurers generated more than CNY900bn ($123.5bn) in auto insurance premiums in 2024, with underwriting profits seeing significant growth compared to 2023. However, despite the overall positive trend in the auto insurance market, challenges persist in the NEV insurance sector.
China's National Financial Regulatory Administration recently released data showing that health insurance premiums totaled CNY977.4bn ($134bn) in 2024, marking an 8.2% year-on-year growth. However, this figure fell slightly short of the industry's earlier projection of CNY 1tn. Among the total, life insurers generated CNY773.1bn in health insurance premiums, up 6.15%, while property insurers recorded CNY204.3bn, reflecting a 16.6% increase.
According to local media, as of February 5, ten Chinese property insurance companies, including Asia-Pacific P&C Insurance, Qianhai Property Insurance, Hua'an Insurance, Bohai Property Insurance, Anhua Agricultural Insurance, and Dubon Insurance, have suspended new online insurance business.
Since 2023, Chinese InsurTech companies have actively sought listings on US and Hong Kong stock exchanges. While some, like Cheche Technology and U-Bx Technology, have successfully gone public, many others have faced delays or suspensions in their IPO processes.
Global gold prices have been soaring in recent years, repeatedly hitting record highs. Meanwhile, Chinese insurers have been struggling with a "shortage of investable assets." The downturn in real estate prices and local government debt restructuring has significantly reduced their allocation to alternative assets, leaving them with limited options in bonds and equities. This lack of investment channels has constrained returns on insurance capital.
These are the highlights for all events and updates across the industry this week.
These are the updates on insurance regulation across China this week.