Chinese insurance industry Archives

Chinese insurance industry takes moves away from centralized supervision

July 24, 2020July 22, 2020 Logan B.

Chinese insurance industry - Office Buildings in China

The country is moving to decentralize the oversight of its $3.1 trillion industry. China is making the first moves to decentralize the oversight of the $3.1 trillion Chinese insurance industry as it seeks to enhance efficiency levels. The CBIRC has produced new guidelines granting local regulators more supervisory power. The China Banking and Insurance Regulatory Commission (CBIRC), the national Chinese insurance industry regulator, issued all new guidelines granting new supervisory powers to local regulators who will now be responsible for certain segments of the sector. This decision is expected to…

Is China’s industry ready for the insurance agents influx?

November 30, 2015November 28, 2015 G. Turner

Some wonder if such a large amount of hiring is heightening the risk of mis-selling problems. As the number of insurers takes off in China – particularly as the country has opened its doors to providers from other countries – has been taking off and this has caused the need for insurance agents to skyrocket. The glut of hiring that has been occurring in the country is fantastic for people who want to work in the insurance industry. That said, there are some experts in the industry who are forecasting…

Chinese insurance industry welcomes insurers from other countries

November 24, 2015November 22, 2015 H. Cutner

A recent keynote speech from President Xi Jinping pointed out that its economy would be opening up into the future. Chinese President Xi Jinping gave a keynote speech at the APEC CEO summit, in which it was revealed that the insurance industry – and other parts of the country’s economy – would soon be welcoming a greater amount of foreign investment moving ahead. The country will be opening up its doors to the rest of the world to a larger degree and limits will be reduced. According to Xi, when…

Bank deposit insurance draft rules launched in China

December 3, 2014December 1, 2014 Julie Campbell

The anticipated regulations for the upcoming system in the country has now been released in its draft form. China has now created the draft regulations for the introduction of a system of bank deposit insurance coverage for the very first time within that country, in one step among many that could be very meaningful in terms of liberalizing its interest rates and to give its financial institutions the ability to compete commercially for customers. The launch of these draft rules for the insurance program arrived shortly after it was revealed…

Insurance industry news made with Ping An sale to CP Group

December 8, 2012April 30, 2013

The acquisition is reported to have been for a total $9.4 billion for a 15.57 percent stake in the insurer. The news has now been released that the Charoen Pokphand Group is taking its first steps into the insurance industry, with the acquisition of 15.57 percent of Ping An Insurance (Group) Company of China. The purchase of the stake in the Chinese insurer was from HSBC Holdings. The announcement from HSBC that it was involved in a negotiation for the sale of its share of Ping An was first made…

China to strengthen regulations for growing insurance industry

April 10, 2012April 10, 2012 Nordstrom

Major changes for China insurance industry. The insurance industry in China is growing at a rapid rate. The country recently opened up its borders to foreign insurers looking to expand into new markets and this initiative has been quite successful. As more insurance companies enter the Chinese market, however, regulators are growing concerned over their ability to comply with the country’s laws and expectations. These concerns have grown too large to ignore any longer and the China Regulatory Commission has announced that it will be strengthening the supervision of the…

Munich Re and Ping An Insurance to offer products for renewable energy companies

September 10, 2011January 9, 2014 Julie Campbell

Munich Re and Ping An Insurance from China… have both announced that they will be working together in their first co-operation to create insurance products and services that they can offer to Chinese renewable energy companies. In a joint statement, the insurers said that they hope to develop solutions that will minimize the risk that investors face with renewable energy, so that larger projects of this nature will actually become possible. A spokesperson from Munich Re declined to make a statement regarding whether or not the two companies intend to…