The APAC region, particularly in South Korea and Japan, experienced significant wildfires, floods and earthquakes in the first quarter of 2025 leading to billions of dollars in economic and insured losses, according to an Aon report.
Recently, 65 insurers had disclosed their average premium per vehicle. The data shows that per-vehicle premiums ranged from a high of CNY5,600 ($784) (Hyundai Insurance) to a low of CNY608.17 (Xin'an Auto Insurance). Among them, 42 insurers - more than 60% - reported average premiums below CNY2,000($280). Nearly 60% of companies saw year-on-year increases.
The first quarter of 2025, traditionally the strongest sales period for China's life insurance industry, has shown clear signs of pressure, with new business premiums declining notably across major distribution channels.
On May 14, Ant Insurance, an online insurance platform under Ant Group, announced that its flagship medical insurance product - Haoyibao long-term medical plan (flagship version) - is now open to residents of Hong Kong, Macau, and Taiwan. The move aims to improve financial service accessibility for these groups living in mainland China.
China's reduction in capital charges for equity investments by insurers is likely to drive them to increase their equity holdings, Fitch Ratings said. However, equity investments expose insurers' earnings to the swings in the stock market, which could put pressure on some insurers' capital positions.
Data show that PICC Health, Ping An Health, Pacific Health Insurance, Fosun United Health, and Ruihua Health collectively recorded operating income of CNY75.65bn ($10.59bn) in 2024, up 14.1% year-on-year, and net profit of CNY4.15bn, a 46.6% increase.
On May 13, 2025, the Insurance Association of China (IAC) officially released the Standards for Age-Friendly Insurance Services, marking the first unified industry guideline for serving elderly policyholders.
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.
A new integrated air, space and ground monitoring system to better detect and prevent major geological disasters has been rolled out by China.