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Insurance groups must screen risks

By Li Huayu (chinadaily.com.cn)
Updated: 2009-04-16 11:43

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China's eight major insurance groups are now required to screen risks concerning solvency, financial status, corporate governance, significant investments and group control, among others, to come up with countermeasures, plus report to the insurance watchdog.

The eight groups are: PICC, China Life Insurance (Group) Co, China Reinsurance (Group) Corp, China Insurance Group, Ping An Insurance (Group) Company of China, China Pacific Insurance (Group) Co Ltd, China United Insurance Holding Co and Sunshine Insurance Group Corp Ltd.

As of the end of 2008, their combined total assets and net assets were 2.6 trillion yuan and 229.8 billion yuan respectively, accounting for 77.67 percent and 81.85 percent of the industry's total. Their combined original premium income in 2008 amounted to 748.1 billion yuan, making up 76.46 percent of the total.

Compared with ordinary insurance companies, group companies have a wider business scope, a longer management chain......

The full text is available in the April Issue of China Insurance. Please visit publications for more subscription details.