The gap in China's social security insurance fund is stirring concerns that the retirement age may be postponed to 65.
China's insurance regulator is working on plans to further reform the regulatory framework for insurers' capital management to boost efficiency, officials said on Wednesday.
The US based Target Markets Program Administrators Association (TMPAA) was hosted by ReSource Pro on Sept 21 in Qingdao during the second leg of their one week visit to China.
Hong Kong Financial Secretary John Tsang Chun-wah said Tuesday that Hong Kong and Taiwan are currently negotiating cooperation agreements on insurance regulation and arbitration.
Ping An Insurance (Group) Co, China's second-biggest insurer, said it is seeking international arbitration after negotiations with the Belgian government for compensation on its investment losses in Fortis failed.
China's property and casualty insurers paid 24.7 billion yuan in August, reaching a record high this year.
ING-BOB Life Insurance Co Ltd, a joint venture between ING Group and Bank of Beijing, is expected to make a profit this year after 10 years of operation, the insurer's general manager Zhang Jianfeng said.
Since July 2011, Taicang has allocated 21.68 million yuan ($3.41 million) to establish coverage for severe and chronic diseases.
China Pacific Insurance (Group) Co Ltd, one of the country's top insurers, plans to raise HK$10.4 billion ($1.3 billion) through a Hong Kong H-share private placement to consolidate its capital base, the company said on Sept 10.
More than 120,000 foreigners have subscribed to China's social security system so far, Hu Xiaoyi, China's vice-minister of human resources and social security said.
As the China becomes an aging society, finding a sustainable source of capital for the insurance is a difficult task.
Ping An, the world's second-largest insurance company, has announced its intention to team up with the world's third-largest Internet company Tencent, and China's largest e-shopping search engine, Alibaba, to deliver Internet financial services. It is a bold and ambitious venture.
Chinese residents have seriously insufficient life insurance coverage, only about 110,000 yuan ($17,300) per capita.
The only sustainable source of serious illness insurance is from private insurance, but young people can be reluctant to pay for the cover.
People's Insurance Company (Group) of China may seek as much as $3 billion in an initial public offering in Hong Kong in October or November while postponing a Shanghai listing.
More than 180 million Chinese were receiving their basic pensions in August with some 600 million people covered by the nation's pension system, a senior social security official said Monday.
Hong Kong's total gross insurance premiums in the first half of this year amounted to HK$125.5 billion($16.17 billion), up 9.3 percent year-on-year.
China on Thursday announced a decision to expand the coverage of the country's healthcare insurance system to include the treatment of critical illnesses.
China announced a decision to expand the coverage of the country's healthcare insurance system to include treatment of critical illnesses.
China on Thursday announced a decision to expand the coverage of the country's healthcare insurance system to include the treatment of critical illnesses, aiming to prevent patients from being reduced to poverty by necessary healthcare costs.
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