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What Happened in the Chinese Insurance Market in 2004? by Guo Dan

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What Happened in the Chinese Insurance Market in 2004? by Guo Dan Article from: International Section News April 2005 – Issue No. 35 China Update: What Happened in the Chinese Insurance Market in 2004? by Guo Dan he year of 2004 was an unusual year, regulators. They could only invest in bank especially for the Chinese insurance deposits, treasury bonds, selected corporate T market. This was filled with milestones, bonds or trade stocks through securities invest- which have been integral to the development of ment funds. This threatened their repayment the Chinese insurance industry. capacity, especially for those high guarantee poli- cies. Now, the situation has changed. Several Opening of the Market regulations were issued in 2004. Insurance China’s insurance industry fully opened to the companies are allowed to invest in subordinated outside world at the end of 2004, three years bonds issued by banks and convertible bonds. after China entered the World Trade With the permission of CIRC and China Organization. According to the agreement, China Securities Regulator Commission (CSRC), insur- has removed all restrictions on foreign insurance ance companies can invest directly in the stock companies, including business location, scope of market. Restrictions still remain for insurance business and market access. As a result, local capital in foreign exchange to be invested over- insurance companies thoroughly lose the protec- seas. Just as a CIRC spokesman said, these are tion of the Chinese government and face strong major steps in broadening the limited invest- foreign competition. Statistical data shows that ment scope of the domestic insurance industry. the premium income of foreign insurance compa- The loosening policies will help insurance nies in China during the first half of 2004 were companies broaden their investment scope, up over 50 percent compared to the same period improve investment returns and diversify last year. And their share of the Chinese insur- investments. ance market will continue to increase. Changing Regulation Business Specialization China Insurance Regulatory Commission (CIRC) Simplifying policy filing approved licenses for the first agricultural insur- CIRC issued new policy filing regulations in ance company, first health insurance company June 2004. Products not violating actuarial and first annuity insurance company in 2004. requirements need not be approved by CIRC The insurance industry has become more beforehand, but companies are required to specialized. Insurers have begun to branch out send files to CIRC after the product is sold. into all major areas of the industry, including This draft regulation speeds up the product those that are newly open to foreign insurers — filing process. CIRC plans to remove restric- pension and health insurance — and deal with tions on product pricing so that insurance the competition positively. companies can design more competitive prod- Chinese insurance companies are trying to ucts. The draft regulation being discussed now tap into international capital markets. PICC and may take effect in the near future. Property and Casualty Co, Ltd. and China Life Insurance Co., the nation’s largest property New requirements for actuarial reports and life insurance firm, launched global IPOs In order to control risk better, the CIRC in 2003. Ping An Insurance (Group) Co. of enhanced its regulation on solvency. The China, the nation’s second-largest life insurer, CIRC’s annual report of reserves will be also launched its IPO in Hong Kong with great replaced by annual actuarial report in 2006. In success. TaiKang Life Insurance Company addition to reserve reporting, the actuarial Limited pioneered the issuance of subordi- report should include respective business nated bonds by the industry in China. New report of par, universal life and unit-linked China Life also announced a successful subor- products. The report also requires that the dinated bonds issue recently. Undoubtedly, the appointed actuary reports on the adequacy of local insurance industry’s expansion into reserves and assets. Furthermore, regulation domestic and global capital markets will on the insurance protection fund was issued promote the development of China’s market recently. This regulation requires that a speci- system, strengthen local insurers and improve fied percentage of premium income should be Guo Dan is a consult- local insurers’ management, product innova- devoted to the protection fund that will be used ing actuary at Ping An tion and service. to compensate policyholders if the insurance Insurance Company of China in The People’s company were to announce bankruptcy. o Investment Expansion Republic of China. She can be reached at Insurance firms in China had long been frus- [email protected]. trated by the restricted investment scope set by cn. APRIL 2005 | INTERNATIONAL NEWS | 15.
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