The CBIRC approved the credentials of more than 70 senior executives in the insurance industry last year, about the same as in 2017, according to an analysis by China.com.
Among them, 14 insurance companies, out of around 180 in total, welcomed new chairmen and general managers.
Poor performance and years of making losses is still the main reason for the changes in senior executives at several insurance companies. Other reasons include the retirement of the incumbent.
Yet another reason for taking in new helmsmen is the setting up of new insurers. Last year, five insurers were newly established. They are Beijing Life, GuoBao Life, Haibao Life, Yellow River P&C and Ruihua Health. The five enjoy strategic positioning.
For example, Guobao Life is the first national-level insurance institution registered Sichuan province while Haibao Life is the first domestic life insurance company registered in Hainan. Yellow River P&C is the first national-level insurance company to be registered in Gansu in northwestern China. Beijing Life is positioned as serving social protection needs as urbanisation grows. Ruihua Health is positioned in health insurance-related business.