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Banks, Insurers Swimming Different Currents

Following last weekend’s interest rate cuts by The People’s Bank of China, which signaled a move toward a more market-based banking system, The Wall Street Journal reports that China’s banks will likely feel...

China Tests Micro-Insurance For Rural Poor

Wu Qi of Xinhua reports on the government’s latest efforts to introduce micro-insurance to rural China. Dai Yongheng never imagined he would make history. But he did just that on Sept. 3, 2008. The middle-aged farmer from...

Four Banks Advancing on Insurance Front

From Caijing Magazine: Insurance industry regulators have started reviewing investment plans submitted by four commercial banks eager to profit from the growing demand for insurance products in China. An official with the China...

Regulators Ease Up on Insurance Industry

From Caijing Magazine: After being required to pay a fixed 2.5 percent interest rate on life insurance premiums for nearly a decade, China’s insurers are preparing for regulatory reforms that allow adjustable rates and could...

In China, Few Are Covered By Earthquake Insurance

From Los Angeles Times: As a customer-service manager at China Pacific Property Insurance Co., Shen Jie paid visits to dozens of policyholders whose homes and cars were destroyed or damaged by the May 12 earthquake. After...

China Oil Giants Reject Pollution Insurance Scheme - AFP

Two of China’s largest oil producers are saying they will refuse to respect a new regulation requiring certain companies to purchase pollution insurance to cover environmental compensation claims, according to a state media report. From AFP via Yahoo! Asia News: Sinopec and CNPC, parent of Hong Kong-listed PetroChina, said that they can handle environmental compensation […]

China cabinet plans key policy meeting on financial system reform – AFX News

From AFX via Forbes.com: China’s state council, the country’s cabinet, is planning a key meeting later this year to set a fresh agenda for the overhaul of its financial system, the Wall Street Journal reported, citing a government official. The meeting could yield changes for China’s most troubled banks and usher in new programs to […]

China allows insurers to buy into banks – Reuters

From Reuters: China’s insurance regulator said on Friday that it would start letting insurers take stakes in the country’s banks, in a step towards allowing more interaction between the banking, insurance and securities sectors. China has long maintained barriers between the three financial sectors, wary of the transmission of financial risks among them. The China […]

China’s insurance explosion – George Zhibin Gu

From Asia Times Online: One day recently, while this writer was sitting in a Beijing hotel lobby, waiting for a business lunch, a nicely dressed, glasses-wearing young Chinese man pleasantly tried to start a conversation. After an exchange of business cards, he turned out to be – you guessed it – an insurance man. Scenes […]

China, India to drive Asia insurance growth

From Redif.com: “China ranks second among emerging markets with a 11.8 per cent share of the non-life insurance premium segment, while India ranks 9th with a 3 per cent market share. Both the Asian nations will, however, emerge as the largest insurance markets, according to Swiss Re. Interestingly it is the huge population base of […]

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