Official data reveals that China’s insurance sector maintained robust solvency levels through the second quarter of this year.
According to the National Administration of Financial Regulation (NAFR), the average comprehensive solvency ratio for the 186 insurers examined during a regulatory meeting reached 188% by the close of the Q2 2023. Additionally, their average core solvency ratio was recorded at 122.7%.
Breaking it down further, property insurance companies had an average comprehensive solvency ratio of 224.6%, while life insurers were at 178.7%. Reinsurance companies, on the other hand, were at 275.2%.
The NAFR has also announced plans to reinforce regulation and encourage the high-quality development of the insurance industry, according to a Xinhua report.
Besides competent solvency levels, the sector also noted an uptick of 7.6% in total assets, as per another report from the NAFR.
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