Even as non-life premiums broke through the CNY1-trillion mark last year for the first time ever, the CIRC said that several problems still exist in the general insurance sector and asserted that this year, the "teeth" of regulatory officials...
Insurers settled 70,000 claims arising from extreme events in 2017, including claims arising from the Kaikoura earthquake, extreme weather events and residual Canterbury claims.
Insurance Australia Group, the country's biggest general insurer by market share, is conducting a strategic review of its Asian operations, including considering selling off units in the region.
The proposed merger of the three government-owned general insurance companies--National Insurance, United India Insurance and Oriental Insurance--is likely to be completed by early next year.
12 Feb 2018
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