OLDWICK, N.J., Feb 2 (Bernama-BUSINESS WIRE) -- In this A.M.BestTV episode, A.M. Best Senior Financial Analyst Vivian Cheung says that China’s insurance industry is expected to continue its growth, with new rules on short-term life products and growth in non-motor property insurance aiding the market momentum. Click on http://www.ambest.com/v.asp?v=cheung118 to view the entire program.
“In 2016, the main factor driving growth in the China insurance sector was growth in the life insurance sector, which grew by a remarkable 36% year over year,” said Cheung. “Growth was mainly driven by relaxation by the Chinese regulator on guaranteed investment returns so that life insurers could offer more short-term products with investment returns that were more attractive than those offered by the banks. For the non-life insurance sector, the growth was mainly coming from the non-motor segment, particularly the credit and liability sectors.”
Cheung said that although market growth continued in 2017, the pace of growth slowed. “This was due to a slow-down in the growth rate from the life insurance sector, as the regulator raised a lot of concerns over excessive growth in the universal life product line. The regulator has tried to promote more long-term saving products and protection-type products.”
Recent episodes of A.M.BestTV include:
“In 2016, the main factor driving growth in the China insurance sector was growth in the life insurance sector, which grew by a remarkable 36% year over year,” said Cheung. “Growth was mainly driven by relaxation by the Chinese regulator on guaranteed investment returns so that life insurers could offer more short-term products with investment returns that were more attractive than those offered by the banks. For the non-life insurance sector, the growth was mainly coming from the non-motor segment, particularly the credit and liability sectors.”
Cheung said that although market growth continued in 2017, the pace of growth slowed. “This was due to a slow-down in the growth rate from the life insurance sector, as the regulator raised a lot of concerns over excessive growth in the universal life product line. The regulator has tried to promote more long-term saving products and protection-type products.”
Recent episodes of A.M.BestTV include:
- U.S. Life/Annuity Insurers Step Up Use of Reinsurance, Says A.M. Best Director: William Pargeans, director, A.M. Best, reviews a new report that details how life and annuity insurers are using reinsurance for overall risk management, coverage of specific risks, supporting new products and more: http://www.ambest.com/v.asp?v=laparjeans118.
- How U.S. Tax Reform Will Affect Insurers: A.M. Best Senior Industry Research Analysts George Hansen and David Blades examine how the 2017 U.S. tax reform is set to impact a wide range of insurance areas, including reinsurance, reserves, long-tail lines and more: http://www.ambest.com/v.asp?v=taxreform118.
- Record California Wildfire Season Puts Spotlight on Insurers: A.M. Best Financial Analyst Lewis DeLosa and Industry Analyst Bobby Skrabal examine the impact of recent catastrophic wildfires in California, including how these fires might affect insurance underwriting, modeling and reinsurance: http://www.ambest.com/v.asp?v=wildfires118.
A.M.BestTV covers exclusive A.M. Best information and reports, targeted topics and key developments in the (re)insurance industry every Monday, Wednesday and Friday. Sign up for alerts of episodes at http://www.ambest.com/multimedia/ambtvsignup.html. View A.M.BestTV episodes at http://www.ambest.tv.
A.M. Best is the world’s oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com.
Copyright © 2018 by A.M. Best Company, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
Contacts
A.M. Best
Lee McDonald, +1 908-439-2200, ext. 5561
Group Vice President, Publication and News Services
lee.mcdonald@ambest.com
Source: A.M. Best
View this news release online at:
http://www.businesswire.com/news/home/20180131006350/en
--BERNAMA
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