OLDWICK, N.J.--(BUSINESS WIRE)--In this A.M.BestTV episode, A.M. Best Senior Financial Analyst Vivian Cheung says that China’s insurance industry is expected to continue its growth, with new rules on short-term life products and growth in non-motor property insurance aiding the market momentum. Click on http://www.ambest.com/v.asp?v=cheung118 to view the entire program.
“In 2016, the main factor driving growth in the China insurance sector was growth in the life insurance sector, which grew by a remarkable 36% year over year,” said Cheung. “Growth was mainly driven by relaxation by the Chinese regulator on guaranteed investment returns so that life insurers could offer more short-term products with investment returns that were more attractive than those offered by the banks. For the non-life insurance sector, the growth was mainly coming from the non-motor segment, particularly the credit and liability sectors.”
Cheung said that although market growth continued in 2017, the pace of growth slowed. “This was due to a slow-down in the growth rate from the life insurance sector, as the regulator raised a lot of concerns over excessive growth in the universal life product line. The regulator has tried to promote more long-term saving products and protection-type products.”
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