On January 17, the National Financial Regulatory Administration (NFRA) announced the Insurance Company Supervision Rating Guidelines (referred to as 'the guidelines'), which outline the procedures for supervisory ratings of insurance companies. These procedures include annual rating plan formulation, information collection, initial and final evaluations, reviews, feedback and analysis, dynamic adjustments, follow-up evaluations, and continuous improvement. The guidelines will take effect on March 1, 2025.
As insurance companies release their 2024 annual claims reports, a clearer picture of the industry's claims landscape is emerging.
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.
In 2024, premiums from new energy vehicle (NEV) commercial insurance reached approximately CNY117.7bn ($17.66bn), marking a 52.93% year-on-year increase. This milestone represents the first time NEV commercial insurance annual premiums surpassed CNY100bn. Meanwhile, settled claims for NEV commercial insurance totalled around CNY58.7bn, a 63.47% year-on-year rise. Across the broader auto insurance market - including both commercial insurance and the Compulsory Automobile Liability Insurance (CALI) - premiums grew by 4.52%, with settled claims up by 9%.
On January 22, China Pacific Insurance (CPIC) announced that its net profit attributable to shareholders for 2024 is projected to range between CNY42.2bn ($6.33bn) and CNY46.3bn. This represents an increase of approximately CNY14.9bn to CNY19bn compared to the previous year, with a year-on-year growth rate of 55% to 70%.
Recently, an investor inquired whether PICC engages in overseas projects and which industries its insurance products cover. In response, PICC's board secretary Zeng Shangyou explained that the company offers a diverse range of insurance products, including overseas property insurance, engineering insurance, cargo insurance, short-term export credit insurance, marine insurance, special risk insurance, liability insurance, and overseas travel accident and health insurance. These products are specifically designed to protect the overseas interests of Chinese enterprises.
On 15 January 2025, shortly after celebrating its 75th anniversary, China Life Insurance Group convened its annual work conference. The event was attended by the company's new party secretary and chairman, Cai Xiliang, who delivered a keynote address.
Prudential Singapore and Standard Chartered are celebrating 25 years of partnership, the longest-standing bancassurance partnership on record in Singapore and Asia by launching an empowerment programme for the next generation by imparting knowledge on money management and financial responsibility.
Indian insurance industry leaders have called for removing the goods and services tax (GST) on insurance premium. Speaking with Asia Insurance Review, Canara HSBC Life Insurance MD and CEO Anuj Mathur said, "Affordability is key to making insurance accessible to all. Revisiting GST rates on life insurance premiums could enhance affordability, especially for lower and middle-income groups.