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Welcome to the Duxes China Insurance Rundown, your premier source for insurance news, views, and forecasts. As detailed below (and available for download in .pdf form), this quarterly newsletter includes an interview with an industry expert, the latest breaking news, and explanations of the Chinese government’s latest policies and regulations.

Click here to view the previous issue.

State of the Industry

- E-marketing Set to Play a Decisive Role in
- Insurance is Playing a Bigger Part in the
National Economy
- Catastrophe Insurance on Trial

Andrew Dart
Insurance Industry Strategist, CSC

Andrew Dart is the Insurance Industry Strategist for CSC, a foundation member of CSC’s P&C Industry council and a voting member of CSC’s Leading Edge Forum. He has over 30 years of experience in Insurance and IT and has been based in Asia with CSC for 26 years.

In addition to holding a range of management positions, Andrew has developed solutions for customers such as Business Process Outsourcing; Application Outsourcing; P&C Administration systems; Point of Sale systems; Digital engagement and Predictive Analytics solutions.

China: Small Insurers Command Over 80% of Online Life Market
March 20, 2015
Small and medium-sized insurance companies in China are dominating the online sales distribution channel, accounting for over 80% of sales over the Internet, according to data from the Insurance Association of China.

Taiwan: Overseas Investments Pose Risk for Insurance Firms
March 20, 2015
Taiwanese life insurance companies have adequate systems to manage overseas investment risks, but a surge in foreign exchange exposure or uncontrolled growth in investment concentration could spell downward action for weaker insurers, according to Taiwan Ratings Corp which is the local arm of Standard & Poor's.

India: Insurers Want New Regulations to be Introduced Incrementally
March 19, 2015
The Indian insurance regulator plans to announce about 40 new regulations through the next few months, to give effect to the new insurance law passed last Thursday by lawmakers. Insurers hope that the Insurance Regulatory and Development Authority of India (IRDAI) would introduce the new rules in phases and to allow an adequate period for them to make the transition to the new regime.

China: 8 Insurers Invest in 18 Retirement Home Ventures
March 19, 2015
Eight insurance companies are expected to invest more than CNY30 billion (US$4.79 billion) to build 18 nursing homes across the country, announced Mr Huang Hong, Vice Chairman of the China Insurance Regulatory Commission (CIRC). They have to date already invested CNY16.7 billion in these projects.

Australia: Proposals Pour in for Setting up Multi-Peril Crop Cover
March 19, 2015
With the El Nino effect expected on the horizon, bringing on drought conditions, suggestions have poured in for establishing multi-peril crop insurance (MPCI) to protect farmers' incomes.

Hong Kong: Doctors Cool Towards Voluntary Health Insurance Plan
March 19, 2015
Two separate surveys carried out recently have shown a lackluster response, particularly among doctors, to the Hong Kong government's proposed Voluntary Health Insurance Scheme.

India: Increases in Foreign Holdings in Insurers Being Worked Out
March 18, 2015
Investors in Indian insurance joint ventures are busy planning to increase the foreign investments in the ventures, in the wake of the newly amended insurance law which raises the foreign investment ceiling in the insurers to 49% from 26% previously.

Hong Kong: QBE ranks as Number 1 in General Insurance for Underwriting Profit
March 17, 2015
QBE Insurance has been ranked No 1 in the general insurance business in terms of underwriting profit in Hong Kong with a market share of 11%, according to provisional full-year 2014 figures from the Office of the Commissioner of Insurance.

Thailand: Strong Capital Position to Stand Insurers in Good Stead
March 17, 2015
The strong capitalization of Thai life insurers support their growth potential, which will continue to catch the eye of foreign players, while non-life insurers' solid capital positions will help buffer against risks, according to Fitch Ratings in a new report.

Notice about implementing Related Affairs of Reinsurance Registration from CIRC

March 12, 2015
In order to further standardize reinsurance credit risk management, strengthen regulation to reinsurance receivers and reinsurance brokers and encourage sustainable growth in the reinsurance market, the CIRC has established a new reinsurance registration and regulation system.

Notice about Issuing Construction Planning (2015-2020) of Credit System in Chinese Insurance Industry

March 12, 2015
In order to implement Construction Planning (2015-2020) of Credit System in Chinese Insurance Industry (CIRC issued [2015] No.16), CIRC issued relevant affairs as follow.

Notice about Related Affairs of Risk Owner of Insurance Assets Management Products by CIRC

February 28, 2015
In order to strengthen risk management of insurance asset management and implement risk responsibility of insurance asset management products business, CIRC issued the related notice according to the Notice about Related Affairs of Investment Risk Owner from Insurance Institutes (CIRC issued [2013] No.28)

Notice about Issuing Supervision and Administration Pilot Measures for Mutual Insurance Organizations by CIRC

February 2, 2015
In order to strengthen the supervision and administration of mutual insurance organizations and facilitate the healthy development of the mutual insurance industry, the CIRC has issued the Supervision and Administration Pilot Measures for Mutual Insurance Organizations by CIRC.

If you have any questions or comments, please contact Samuel Elliott at +86 21 5580 0330 x. 8109 or samuel.elliott@duxes.cn.

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