The agency forces of leading life insurance companies in China are undergoing reform, with the insurers turning to financial planners. The professional planners offer advice on insurance, health and wealth, retirement, wealth and health insurance, and full life-cycle.
A survey has found that more than half of the respondents from cities that carry out the private individual pension pilot scheme have not yet participated in the programme.
Insurers are expanding into the family office space in Hong Kong and Singapore to target the needs of wealthy families in line with consumer demand, says global management consultancy McKinsey & Co.
The Standing Committee of the Chinese National People's Congress, which serves as China's parliament, has endorsed a plan to gradually delay retirement for employees.
The State Council, which is China's cabinet, has issued the notice, "Several Opinions on Strengthening Supervision, Preventing Risks and Promoting High-quality Development of the Insurance Industry". The "Opinions" set out measures to be taken for the reform and development of China's insurance industry in the next five to 10 years.
While the Chinese insurance industry faces significant challenges, Fitch Ratings believes efforts from regulators and insurers will make the industry more resilient over the longer term.
A stocktake of the Chinese insurance industry shows that there were over 200 (re)insurance companies operating in the country as of 30 June 2024
The standing committee of China's top legislative body, the National People's Congress, earlier this week reviewed a draft decision of the Communist Party on gradually raising the statutory retirement age, the Xinhua News Agency reported.
The Insurance Federation of Egypt (IFE) is calling on insurance companies to adopt new thinking to create a supportive environment for the elderly, and expand the range of products that give them greater security and confidence.
Senior care products -- such as annuities with a healthcare component, long-term care insurance, and life insurance with a long-term care component -- are unaffordable for most people in both developed and developing countries, resulting in low market penetration, points out the global consulting company McKinsey.