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Insurance Industry In China
The Chinese insurance industry has experienced rapid expansion over the past decade. In addition to steadily increasing demand, two major supply-side trends have encouraged the development of the industry: (1) under the World Trade Organization (WTO) framework, the Chinese government lowered entry barriers to foreign insurers, allowing them to establish joint-venture insurance firms in China; and (2) domestic insurers strengthened themselves through initial public offerings and other market developments. (For example, China Life Insurance at one point became the second largest insurance company in the world in terms of market capitalization although the value has kept declining since the stock market peak of 2008.) As of 2007, China had 100 insurance, insurance companies, 59 of which are domestic-funded and the rest 41 are foreign-funded. And five Chinese insurance companies including the People's Insurance Company of China, China Life Insurance, Ping An Insurance Company of China ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Supply-side
Supply-side economics is a macroeconomic theory postulating that economic growth can be most effectively fostered by lowering taxes, decreasing regulation, and allowing free trade. According to supply-side economics theory, consumers will benefit from greater supply of goods and services at lower prices, and employment will increase. Supply-side fiscal policies are designed to increase aggregate supply, as opposed to aggregate demand, thereby expanding output and employment while lowering prices. Such policies are of several general varieties: #Investments in human capital, such as education, healthcare, and encouraging the transfer of technologies and business processes, to improve productivity (output per worker). Encouraging globalized free trade via containerization is a major recent example. #Tax reduction, to provide incentives to work, invest and take risks. Lowering income tax rates and eliminating or lowering tariffs are examples of such policies. #Investments in n ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Customer Service
Customer service is the assistance and advice provided by a company to those who buy or use its products or services, either in person or remotely. Customer service is often practiced in a way that reflects the strategies and values of a firm, and levels vary according to the industry. Good quality customer service is usually measured through customer retention. Successful customer service interactions are dependent on employees "who can adjust themselves to the personality of the customer". Customer service for some firms is part of the firm's intangible assets and can differentiate it from others in the industry. One good customer service experience can change the entire perception a customer holds towards the organization. It is expected that AI-based chatbots will significantly impact customer service and call centre roles and will increase productivity substantially. Many organisations have already adopted AI chatbots to improve their customer service experience.Krishnan, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tianan Insurance
Tianan Insurance (天安保险股份有限公司) is China's fifth largest nonlife insurer. The company was established in 1994. In 2005, Japan Japan is an island country in East Asia. Located in the Pacific Ocean off the northeast coast of the Asia, Asian mainland, it is bordered on the west by the Sea of Japan and extends from the Sea of Okhotsk in the north to the East China Sea ...'s Tokio Marine & Nichido Fire Insurance Co., Ltd. purchased a 24.9% stake in the company. In July 2020, the Chinese government announced that it would take over the company. References External linksTianan Insurance {{Insurance companies of China Financial services companies established in 1994 Insurance companies of China Privately held companies of China Chinese companies established in 1994 Tokio Marine ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Taikang Life Insurance
Taikang Life Insurance Company Limited is a Beijing-based, China-incorporated life insurance company, the fourth largest life insurer by premium income in China, offers services ranging from life insurance to asset management. It was founded in 1996 by CEO Chen Dongshen, a businessman related to Mao Zedong. The company has branches in Beijing, Shanghai, Hubei, Shandong, Guangdong and in other locations. In 2016, it acquired a 13.5% stake in Sotheby's, becoming the largest shareholder of the New York–based auction company. Its headquarters is in the Taikang Life Building (泰康人寿大厦) in Xicheng District. History Taikang Life Insurance Co. Ltd. was founded on August 22, 1995, after approval from the People's Bank of China, as a national corporation headquartered in Beijing. Under the guidance of chairman and CEO Chen Dongsheng, Taikang Life Insurance has experienced steady growth from its inception. From 2006 to 2007, Taikang created the two subsidiaries ''Taikang Ass ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Huaxia Life Insurance
Huaxia Life Insurance Co., Ltd. known also as Hua Insurance in English, is a Chinese insurance company based in Tianjin. In July 2020, the Chinese government announced that it would take over the company. Equity investments * Guangzhou Aoyu (46.04%) * Leshi Zhixin (1.1310%) * Ping An Insurance (3.40%) Shareholders * (20.00%) * (20.00%) * (14.90%) * (13.40%) * (13.37%) * (11.24%) * Tianjin Port Group (5.23%) * (0.98%) * (0.35%) * (0.30%) * (0.13%) * (0.09%) References External links * Life insurance companies of China Companies based in Tianjin Chinese companies established in 2006 Financial services companies established in 2006 Privately held companies of China 2006 in Tianjin {{China-company-stub ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Anbang
Anbang Insurance Group () was a Chinese holding company whose subsidiaries mainly deal with insurance, banking, and financial services based in Beijing. As of February 2017, the company had assets worth more than (US$301 billion). The ''Financial Times'' described Anbang as "one of China’s most politically connected companies." Anbang was founded by Wu Xiaohui in 2004 as a regional car insurance company. Chen Xiaolu, a prominent princeling and son of Marshal Chen Yi, served as an early director, although Chen stated that he was merely an advisor and not a shareholder. Its founding shareholders included state-owned car maker Shanghai Automotive Industries Corp., which held a 20% stake. In 2005, state-owned oil company Sinopec bought a 20% share in Anbang. Anbang has more than 30,000 employees in China and is engaged in offering various kinds of insurance and financial products. Anbang's chairman, Wu Xiaohui, was detained in Beijing by government authorities on June 8, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
New China Life Insurance
New China Life Insurance Co., Ltd. also known as New China Insurance (NCI) or Xinhua Baoxian Jituan () is a Chinese life insurance company based in Beijing. The Chinese government owns more than half of the shares of the company via sovereign fund Central Huijin, via state-owned enterprise Baosteel Group and a financial service company China Securities Finance. The company is a constituent of the CSI 300 Index, FTSE China A50 Index and Hang Seng China Enterprises Index, and is a former constituent of the SSE 50 Index (blue chip of Shanghai Stock Exchange). The company was ranked 427th in 2016 Fortune Global 500 and 297th in 2016 Forbes Global 2000. Equity investments The company invested the premium received to several publicly traded company of China, notably Hikvision (0.51% stake in 2015), Industrial Bank (0.21% stake in 2015) and Tianqi Lithium (5.20% stake in 2015). Shareholders ;Top 10 shareholders * State Council of the People's Republic of China (47.36%, as A ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Minsheng Life Insurance
Minsheng Life Insurance Company is one of China's largest insurance companies and one of the six national insurers supervised by China Insurance Regulatory Commission. Its headquarters are in Beijing, China. It provides integrated insurance services, such as life insurance, property insurance and reinsurance. , Minsheng Life employs over 40,000 employees and has established 23 provincial-level subsidiary companies, including in Beijing, Zhejiang, Jiangsu, Hebei, Shandong, Fujian, Liaoning, Sichuan, Henan, Shanghai, Heilongjiang, Hunan, Jiangxi, Anhui, Guangxi, Shaanxi, Hubei, Shanxi etc. Asset Management Established in 2012, Minsheng Tonghui Asset Management is a wholly owned subsidiary and operates as the asset management Asset management is a systematic approach to the governance and realization of all value for which a group or entity is responsible. It may apply both to tangible assets (physical objects such as complex process or manufacturing plants, infrastr ... arm of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
China Re
China Reinsurance (Group) Corporation () ("China RE") is one of the largest reinsurance groups in China. History and Company Background China Reinsurance Group, which is commonly referred to as China Re originated from the People's Insurance Company of China, the first insurance company in the People's Republic of China founded in 1949. China Re was co-founded by the Ministry of Finance of the People's Republic of China The Ministry of Finance of the People's Republic of China is the Constituent departments of the State Council, constituent department of the State Council of the People's Republic of China which administers macroeconomic policies and the annu ... and the Central Huijin Investment Company Limited with a registered capital of RMB36,407,611,085 on 22 August 1996. Products and Services China Re's main products and services include reinsurance, property insurance, and life insurance. The business serves domestic and international clients, including governmen ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
PICC Property And Casualty
PICC Property and Casualty Company Limited (PICC P&C) is the largest non-life insurance company in mainland China incorporated in 2003. It was one of the three main subsidiaries of the People's Insurance Company of China. PICC P&C is principally engaged in the provision of property and casualty insurance products. It operates its insurance business through motor vehicle, commercial property, cargo, liability, accidental injury and health, agriculture, homeowners and credit. History The People's Insurance Company of China (PICC) was established in 1949 and later renamed the People's Insurance Group of China. In July 2003, the People's Insurance Group founded the People's Property & Casualty Insurance Company of China (PICC P&C), with a registered capital of 12.25598 billion yuan. The company, registered in the People's Republic of China, inherited all the commercial assets, liabilities, and branches of the original People's Insurance Company of China, operating all insurance ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
China Pacific Insurance Company
China Pacific Insurance (Group) Co., Ltd. (CPIC) known as Pacific Insurance, is a Chinese insurance company. It was established on the basis of the former China Pacific Insurance Corporation, which was founded in 1991 approved by the People's Bank of China. Its headquarters is in Shanghai. CPIC Group is the second largest property insurance company (after People's Insurance Company of China) and the third largest life insurance company (after China Life Insurance and Ping An Insurance) in Mainland China. It provides integrated insurance services, including life insurance, property insurance and reinsurance, through its subsidiaries. The company offers life and property insurance products and services through its subsidiaries, China Pacific Life Insurance Co., Ltd and China Pacific Property Insurance Co., Ltd., respectively. Through its subsidiary China Pacific Asset Management Co., Ltd, the company is also involved in the management, provision of consulting services relating t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
China Life Insurance Company
China Life Insurance Company Limited (short China Life, ) is a Beijing-headquartered China-incorporated company that provides life insurance and annuity products. China Life is ranked No. 94 on Fortune 2015 Global 500 Company list. and is China's largest life insurer by market share, as of April 2023. In 2023, the company was ranked 62nd in the Forbes Global 2000. History In 2022, the company announced the de-listing of its American Depository Shares (ADS) and that the last day of trading was intended to be 1 September 2022. The underlying security of the ADS was the H shares, which would continue trading on the Stock Exchange of Hong Kong. The company cited limited trading volume in the ADS and administrative costs as the reasons for the de-listing. In 2023, China Life Insurance invested $3.5 billion in Honghu Private Securities Investment Fund. The same amount was invested by New China Life Insurance. The fund will aim to improve capital utilization efficiency and increase l ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
