Global insurer Allianz has received approval from the CBIRC to commence operation of China's first fully foreign-owned insurance holding company. With this, Allianz will strengthen its proposition in the country and position the business to capitalise on the fastest-growing economy in the world, the insurer said in a statement.
China has decided to further loosen rules on foreign players in insurance and banking sectors to foreign investors by revising related regulations.
In what's new this week, check out what your peers are doing in China, and we've got some developments on InsurTech firms to share.
As Alibaba celebrated its 20th Anniversary, Jack Ma returned to Hupan Garden: Birthplace of Alibaba. Ma's Hangzhou apartment in 1999 was where it all began for Alibaba.
FinTech innovations have been booming and flourishing in the past few years. This is particularly true for InsurTech. The driving power for InsurTech innovations has been stronger than ever- thanks to efforts by incumbent insurance companies, Tech Giants, as well as InsurTech startups.
The Hong Kong insurance industry recorded total gross premiums of HK$148.8 billion (US$19 billion) in the first quarter of 2019, an increase of 12.3% y-o-y, according to the Insurance Authority's provisional statistics.
On 10 May, the US administration increased tariffs on $200 billion of Chinese imports to 25% from 10%. In response, China has said it will take retaliatory action. These developments will weigh on global economic growth.
On Sunday 5 May (US time), President Donald Trump signalled his intention to increase tariffs on $200 billion of Chinese imports from 10% to 25% starting Friday 10 May 2019, while another $325 billion of untaxed goods could face 25% duties "shortly".
Last week, China Life Insurance reported its net profits having risen 92.6% year-on-year during the first quarter of 2019, according to the state press agency Xinhua.
As the Asian communities around the world usher in the Lunar New Year with tons of food, firecrackers and traditional lion dance, at Asia Advisers Network, we bring you the freshest news and updates in the insurance industry.
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