Growth in health, agriculture, and resurgence in motor underpin AM Best's 'stable' outlook for China's non-life sector, but market faces drop in underwriting profit and slowing economy.
Shanghai's 'Sponge City' initiative garners recognition for its approach to mitigating impacts of natural catastrophes, with China aiming to roll out similar initiatives to 80% of the country's urban areas by 2030.
More expertise, communication, trust, and transactions are needed - but Shanghai's international reinsurance trading platform opens up opportunities for global (re)insurers.
AM Best reaffirms China Re's 'A' ratings with a stable outlook, acknowledging its dominant position, successful Chaucer integration, strategic international growth with Chaucer, and influential government ties.
China's life market is poised to reach CNY5.6 trillion (US$893bn), driven by economic recovery and the needs of its ageing population, according to GlobalData.
Ergo-Fesco Insurance Brokerage and BMW (China) granted approval to set up operations, as the NAFR looks to increase foreign investment in the domestic (re)insurance industry.
Ping An Insurance said Reuters report, alleging Chinese authorities directed the insurer to assume control of embattled property developer Country Garden, is 'completely untrue'.