China’s life insurers are facing another year of declining premiums, as the government’s campaign against financial risk forces them to phase out products that had underpinned their competitiveness.
Total premiums declined by 6 per cent last year to Rmb1.44tn ($226bn), according to official data, as regulators cracked down on so-called “ universal insurance ” — short-term, high-yielding investment products that contained only a nominal element of risk protection.
Many industry observers thought the worst was over, but the decline accelerated this year, with premiums dropping by 8 per cent in the first quarter from last year’s already-diminished base.
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