Insurance (General)

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…

As is often the case with long-range plans, the CBIRC’s FYP on insurance standardization provides more of a big picture overview and broad objectives and contains few details. However, it does shed light on policymakers’ intent to improve the level of sophistication in the insurance industry partly in order to bolster other major policy objectives such as rural revitalization, sci-tech development, supply-side structural reform, and the development of a third-pillar pension industry…