Insurance (General)

While cyber insurance is an inevitable outgrowth of mass digitization, developing appropriate products is much easier said than done. Cyber theft is rampant in China, and large companies are almost guaranteed to have a data breach at some point.

Although China’s property insurance & casualty industry has experienced significant growth over the past decade, policymakers want to see the sector play a bigger role in supporting the economy and national development goals. As China seeks to move its economy up the value chain, transitioning from a period of fast-paced growth to higher-quality growth, property insurance will be critical to backstopping hard won economic gains.

Although China is the world’s second-largest insurance market, on a per capita basis it is seriously underinsured. The government understands the importance of insurance and wants to see further growth in an industry that was plagued by scandal and weak supervision under the reign of regulator Xiang Junbo, who was taken down for corruption in 2017. 

In addition to bringing China’s insurance industry into line with global standards on solvency and risk prevention, C-ROSS II aims to…