In a move that has caught agents and brokers off guard, Nordic Healthcare, a provider of international health insurance, has announced that it will cease sales of new individual policies in all but its core markets. This means that, with immediate effect, Nordic will no longer be issuing new IPMI policies anywhere in the world except Europe, Singapore, Hong Kong, Thailand and Vietnam. The announcement…
Published July 25, 2012
A report released on Monday by the Healthcare Reform Office in China announced that the 3 year plan to improve some of the fundamental parts of China’s healthcare system completed its objectives on schedule. The Chinese Central Government spent almost US$71 billion between 2009 and 2011 in efforts to improve healthcare services to the public, build primary care…
On October 15th 2011, China's Ministry of Human Resources and Social Security put in place new regulations which required foreign employees working in China to contribute to the country's Social Insurance System. The regulations stated that foreign employees would have to register after employment and start paying towards five types of insurance policies, including basic pension insurance,…
The Allianz Group has a rich history dating back to 1890 and prides itself on being able to offer solutions in insurance, banking and asset management areas. Insurance wise, Allianz thrives in Europe and has especially excelled itself in the German market. 2012 has started off in a positive direction for the company and CEO Michael Diekmann sees this trend continuing for the rest of the year. On May…
Chinese insurance companies will need to raise more than CNY110 billion(US$17 billion) of fresh external funding to support their industry's further growth and development over the next three years, according to credit analysts from Standard & Poor's Ratings Services. Although the credit outlook for China's life and property insurers will remain stable to positive, the ratings agency expects the industry…
New data released this week by the China Insurance Regulatory Commission (CIRC) confirms what many industry analysts have already noted; that the Chinese market is fast becoming one of the most lucrative in the world and will continue to present distinct business opportunities. According to the latest CIRC figures, the total premium income reported by Chinese insurance companies' surpassed CNY 805.66…
Starr International, a Bermuda-based private insurance holding company, has acquired a 20 percent stake in the Chinese property insurer Dazhong Insurance Co Ltd.
China Pacific Insurance Group (CPIC Group), mainland China's third-largest life insurer, has posted a 16.3 percent increase in net profit for last year, up to 8.557 billion yuan (US$1.3 billion) from 7.356 billion yuan (US$1.1 billion) in 2009, as premiums expanded. CPIC Group's Announcement of Audited Annual Results reported income from the insurance business in 2010 at 139.56 billion yuan (US$21.27…
Residents in developed cities in Continental China are starting to show less interest in buying insurance products and it is expected that the leading insurance groups will set their sights this year to capitalise in the development of the central and western regions of the country.
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