China insurers’ solvency remains at a healthy levelMay 25 2017 by InsuranceAsia News Staff
Chinese firms continues to post a positive solvency ratio, reflecting efforts to keep risks within control, the country’s insurance regulator announced.
According to the China Insurance Regulatory Commission (CIRC), the insurance sector’s comprehensive solvency adequacy ratio was at 238% as of end of the first quarter.
The ratio is well beyond 100%, which is what the regulator requires.
CIRC also reported that the industry’s core solvency adequacy ratio stood at 221%, also well above the 50% requirement and indicating that there is enough core capital among players to allow them to meet their obligations.
Although the industry watchdog considers the risks manageable, it nonetheless said some risks should not be underestimated.
The country’s financial regulators have recently imposed more stringent supervision and stiffer penalties against erring companies and officials as they look for ways to promote efficiency and address industry shortcomings.
- August 22
A failure to update the customer data management system could be to blame for double charging and underinsurance.
- August 15
The Australian Prudential Regulation Authority is requiring the investment following a test in 2018.
- August 12
Law firm Slater and Gordon believe thousands more customers could be involved in class action.
- August 8
Following intense regulatory scrutiny the German giant has decided to exit the market.