April 27th, 2016

China’s Insurance Regulatory System

Posted at 1:00 AM ET

Here we review recent GC Capital Ideas posts on developments in China’s insurance regulatory system. 

Update on China Counterparty Risk Charges for Offshore Reinsurers: China’s developing insurance market is a potential bright spot for growth in an otherwise challenging landscape for global reinsurers. Driven by a maturing economy and expected increases in household penetration ratios, property/casualty insurance premium, totaling USD 121.6 billion in 2014, is projected to increase to roughly USD 300 billion by 2030. 

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China Risk Oriented Solvency System (C-ROSS): The China Insurance Regulatory Commission (CIRC) is instituting sweeping changes through its three-tiered China Risk Oriented Solvency System (C-ROSS) framework that will dramatically impact how (re)insurers conduct business. It will strengthen capital requirements, risk management and transparency disclosures - bringing China in line with, and in some cases overtaking, global standards. The C-ROSS framework is similar to Solvency II: three tiers focusing on quantitative, qualitative and disclosure requirements.

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