Global Briefs

Global Briefs – March 2019

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China – 2018 premium growth pegged at 24 percent

China’s insurance regulator showed that local insurers’ combined premium income grew 24 percent year over year to more than $126 billion in January, state-owned Xinhua reported. Property insurance premiums increased nearly 14 percent.

China – Favorable rules drive Hong Kong reinsurers' growth

“Hong Kong-based reinsurers’ gross written premiums grew more than 9 percent year over year to about $1.3 billion in the first nine months of 2018 driven by favorable Chinese regulations, South China Morning Post reported. China’s insurance regulator agreed in July 2018 to give preferential treatment to Hong Kong based reinsurers over foreign players.” 

IRL: This is in line with Chinese thinking and its’ deeply rooted belief system. China is a self-consumed society and if you are not Chinese you are automatically at a disadvantage. This is not to say the Chinese are xenophobic because they are very curious about other cultures just not flexible in their own. When it comes to business China will forever favor its’ own. 

The China Banking and Insurance Regulatory Commission (CBIRC) agreed in July last year (2018) to give preferential treatment to Hong Kong based reinsurers including Peak Re, Transatlantic Re, Taiping Re, SCOR and others. This took the form of a new rule stipulating that when a mainland insurance company sells its policies to any of these Hong Kong reinsurers, the capital requirement for that mainland firm will be lower than if it had reinsured through an international company.

China – Getting serious: Environment Minister fines offenders

China’s environmental minister Li Ganjie announced administrative fines totaling 15.28 billion yuan (US$ 2.28 billion) slapped on firms, organizations and individuals for environmental offences in 2018.   

Republic of North Macedonia – Changes name and joins NATO

Macedonia has been formally invited to join NATO after agreeing to change its name to the Republic of North Macedonia. Greece’s Parliament approved Macedonia’s bid to become the 30th member of the North Atlantic Treaty Organization, under a U.S.-backed deal that aims to help stabilize the Balkans, long considered Russia’s playground. 

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