Allianz Global Investors is investing in a 2% stake in Guomin Pension & Insurance Company, making the German asset management company the 18th shareholder of the pension insurance start-up.
Insurance companies in China had received 18,400 claims related to rain-caused damages as of 12pm on 23 June.
Accelerating the development of the insurance industry will help improve China's financial market structure, optimise the allocation of financial resources, and enhance the stability of the financial system, a top Chinese regulatory official has said.
Since the beginning of this year, listed companies have shown an increasing enthusiasm for Directors & Officers (D&O) liability insurance. This is attributed largely to the new Company Law, scheduled to take effect on 1 July 2024. The revised Company Law establishes for the first time D&O liability insurance through legislation.
Tian'An P&C Insurance, whose management has been taken over by financial regulators since 2020, will be declared bankrupt and liquidated while its assets and liabilities will be transferred to the start-up Shenergy P&C Insurance, according to an official of the Property Insurance Department of the National Financial Regulatory Administration (NFRA).
The life insurance industry in China has entered a "Three low's" stage of low interest rates, low returns, and low solvency, with small and medium-sized companies in particular under heavy pressure.
YSX Tech, which provides business services primarily to insurers and brokerages in China, has filed for an initial public listing on Nasdaq in the US to raise up to $6m, says Renaissance Capital, a US-based global IPO investment advisor.
Chinese insurance giant China Life has made direct investments exceeding CNY1tn ($138bn) in the integrated development of Beijing, Tianjin and Hebei.
The Shanghai International Reinsurance Trading Centre has signed several pacts to build a unified, open, efficient, and modern reinsurance trading market.
The State Council, which is China's cabinet, has spelt out several measures to promote the high-quality development of venture capital, including encouraging long-term funds, such as insurance funds, to invest in the venture capital sector to boost innovation.