China's Insurance Industry Expects To Grow

KUALA LUMPUR, Feb 2 (Bernama) – China’s insurance industry is expected to continue to grow, with new rules on short-term life products and growth in non-motor property insurance. A.M. Best senior financial analyst, Vivian Cheung who gave this scenario in a A.M.BestTV episode, said this would aid the market momentum. “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 per cent year over year. “The 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,” said Cheung. For the non-life insurance sector, the growth was mainly coming from the non-motor segment, particularly the credit and liability sectors. A.M. Best is the world’s oldest and most authoritative insurance rating and information source. -- BERNAMA