The continued pace of economic and social development experienced over the past decades throughout China has equally been reflected in the steady growth and development of China’s insurance sector. Domestic insurers have risen to the challenge to develop expertise, product coverage and distribution processes that in many respects represent leading practices from across the globe, and are now increasingly looking for both investment and expansion opportunities across the globe. Although the domestic insurance industry, if measured by standards such as insurance density or insurance penetration rate, would appear under-developed, almost all global commentators would agree that the Chinese insurance has huge growth and expansion potential.
As one of the recognized leaders in providing professional services, Deloitte professionals are working with our insurance clients to develop and implement market leading strategies, technical and business oriented solutions – we provide customized services drawn from our vast array of actuarial, audit, taxation, risk compliance, regulatory and business transformation services. We focus our efforts at helping our clients combine the power of their people, their technology and their processes to lead in their markets. Our clients include the majority of state and privately owned insurance companies and a large number of the foreign banks and insurers operating in the Mainland and Hong Kong/Macau SAR.
Supported by the Deloitte Global FSI network with strong local presence deeply rooted in China, our insurance teams are industry seasoned professionals who bring industry experience and knowledge combined with functional expertise to help address the complexity that today's financial institutions face.
- The China Risk Oriented Solvency System (C-ROSS) Phase II
The China Banking and Insurance Regulatory Commission (formerly the CIRC) launched the newly designed C-ROSS in March 2012 and formally implemented the system in January 2016 with remarkable results, using the "Three-Pillar" regulatory framework that was well adopted internationally, and with the basic principle of "risk orientation".
- Digitalization in insurance: Customer insights that matter
Leveraging the consumer insights from the Hong Kong SAR Insurance Perception and Behaviour Survey conducted by OneDegree, this report provides an overview of emerging consumer behaviour trends, what market pioneers are doing to shape the industry, and the calls to action for insurers.
- 2021 insurance outlook: Accelerating recovery from the pandemic while pivoting to thrive
The COVID-19 outbreak severely disrupted insurer operations, prompting an overnight shift to remote work and virtual customer engagement while exposing gaps in digital capabilities and raising cybersecurity concerns. As they head into 2021, insurers should consider a mix of offensive and defensive actions to accelerate longer-term recovery efforts and pivot to the Thrive phase when growth is reemphasized, despite challenging economic conditions.
- Extraordinary service: COVID-19 and China's Insurance Industry
This report explores the macro impact on the insurance industry and discusses key enablers for insurance companies to build sustainable management system to mitigate against imminent risks and ensure their businesses endure.
- China market opportunities for foreign insurance companies under the new opening-up policies
This report summarizes opportunities and challenges for foreign insurance companies' market development in China. It also discusses possible paths for foreign insurers to enter (or re-enter) China market.
- 2020 insurance M&A outlook: Pursuing growth amid uncertainty
An uncertain economy, fluctuating financial markets, and a presidential election mark a year filled with uncertainty, but strong opportunities remain for insurance M&A. Organizations will continue to pursue strategic insurance acquisitions to grow their product portfolio, expand their digital capabilities, and improve customer experiences and their bottom line.
- 2020 insurance outlook: Insurers adapt to grow in a volatile economy
As insurance firms adapt to maturing markets and economic turbulence, in the long run, their ability to integrate technology, talent, and business-model innovation into legacy environments may be the key to success.
- The new digital era for bancassurance – Reimagining efficient customer engagement
This report highlights the disruptive potential of digital technologies on how the conventional bancassurance operates.
- A demanding future – The four trends that define insurance in 2020
The insurance industry stands on the precipice of profound change. And this disruption is not just digital. Demanding customers, new competitors and a changing set of challenges are transforming the insurance industry. Through honest conversations with over 200 C-suite insurance executives throughout EMEA, we have worked with Financial Times Remark to identify and analyse four key insurance trends that will shape the future of the industry, as we know it.
- The fintech revolution in insurance
Advancing technology has collided with longstanding customer issues to create a series of deep, lasting, systemic challenges for insurance. How will these trends impact insurers’ businesses and the industry overall?
- 2019 Insurance Industry Outlook: Strategies to stay competitive in the insurance market
- Inclusion Through Distribution: How Blockchain Supports Financial Inclusion
This white paper by Deloitte China explores the future of financial inclusion, which could be underpinned by the application of Blockchain for conventionally unbanked population and more.
- Keys to success: Right strategies and partners
This paper highlights the existing challenges and opportunities in the Chinese healthcare ecosystem, in which the market is highly regulated and dominated by large, local insurance players.
- The Rise of the Exponential Actuary: The Transformation of the Actuarial Profession
The rise of technology is rapidly creating a new future of work. As this exciting future unfolds, the actuarial professional is changing dramatically – opening opportunities for actuaries to take on dynamic, new business roles.
- Double your intelligence: Using intelligent automation to double productivity in Finance
Intelligent automation presents opportunities for Finance functions within financial services institutions to deliver information and value to the business more quickly, more accurately and at the lower cost.
- Opportunities and challenges to foreign institutions as Chinese financial industry opens further
Deloitte believes that financial institutions in China need to solve two key issues to secure success amid the increasingly fierce competition: effective compliance to enter the market and the right strategy for local market.
- Global IFRS Insurance Survey 2018
The 2018 Global IFRS Insurance Survey aims to provide a comprehensive and independent overview of how global insurers are reacting to and preparing for IFRS 17 adoption.
- Analysis of China's compulsory third-party liability insurance market in 2018
This report analyses the current compulsory third-party liability (CTPL) insurance market in China. It analyses the CTPL industry from various perspectives and also identifies underlying patterns and disparities between companies' performance.
- Trends in trade finance regulation / Dealing better with anti-money-laundering
There are three new methods to more efficiently deal with all the new regulations on money laundering, terrorist financing and sanctions and Ivan Zasarsky, partner at Deloitte's Asia Pacific Financial Crime Strategy & Response Centre outlines further details in the feature article in the International Chamber of Commerce publication.
- Driving to a new growth? How tech-led digital transformation is reshaping the auto insurance battlefield
This paper highlights how transformational forces pushed by innovative technology, such as new entrants like InsurTech and self-driving cars, are bringing price transparency and innovative products to the market.
- Collaboration vs. competition: Unlocking the power of blockchain in insurance
This paper explains why insurance companies that apply new technologies - also known as FinTech or InsurTech - are not disruptive but collaborative for better business value creation. It recommends insurers to strategize, experiment, and develop proofs of concept to leverage blockchain technology and create next-generation products and services that feature greater interaction with their policyholders, whilst driving business growth and maximizing new opportunities through cross-sector collaborations, such as bancassurance and reinsurance.
- Tailwinds or Headwinds? Using digital technology to empower your traditional insurance workforce
This paper explores how RPA will impact Hong Kong insurers' existing workforce, and support them in making broader changes to their talent management and operation strategies in order to realize substantial benefits, ranging from efficiency and quality enhancement to risk mitigation, innovation, and ultimately, growth.
- Insurer of the Future: Technology is shaping the future of underwriting
Watch our video to understand how technologies can help insurers better evaluate risks, and tailor products to meet changing customer demands. By embracing digital technologies, underwriters can offload administrative tasks, and focus on strategic, complex risks where expert advice is needed.
- Facing the future: an evolving landscape - Financial Services Regulatory Outlook 2018
With the finalisation of Basel III, the regulatory agenda in Asia Pacific will now become firmly focused on the future. This paper sets out the top ten regulatory themes that the Deloitte Centre for Regulatory Strategy expects to dominate the financial services regulatory agenda in the region over the coming year.
- Beyond Fintech: A pragmatic assessment of disruptive potential in financial services
The World Economic Forum and Deloitte Global’s latest report studies the transformative role of fintech and other disruptive forces on the financial services industry. The report studies the impact of this disruption on the industry as a whole, as well as on seven sectors including payments, digital banking, lending, insurance, market infrastructure, investment management, and equity crowdfunding. Fintechs have defined the direction, shape, and pace of change across almost every financial services subsector. While they may not dominate the industry today, they have laid the foundation for future disruption.
- Beyond Fintech: Disruptive innovation in insurance
A rise in the number of insurtechs coupled with external forces is fragmenting insurance value chains, thereby encouraging insurers to seek new partnerships and invest in innovation. Evolving purchasing patterns are forcing insurers to offer flexible, customizable range of products. With the rise of connected insurance and a constant need to monitor customer risk, insurers are challenged to be more proactive than ever.
- 2018 Insurance Industry Outlook: Shifting strategies to compete in a cutting-edge future
As technology innovation, higher customer expectations and disruptive newcomers redefine the marketplace, insurers remain focused on growing top-line sales, bottom-line profitability, addressing challenges, and competing in a dynamic industry. Deloitte’s 2018 Insurance Industry Outlook pinpoints key opportunities and threats that should demand attention from insurers over the next 12-to-18 months.
- Data management in the new world of insurance finance and actuarial
The latest edition of Deloitte's Insurance Accounting Insights describes how the work to address IFRS 17 fit with the approach insurance companies take on data management.
- The future of risk in Financial Services
This report urges financial institutions to rethink and transform the way they manage risk to leverage emergent technologies, and increase risk management productivity and effectiveness.
- Managing conduct risk: Addressing drivers, restoring trust
This paper identifies the fundamental drivers of misconduct in the financial services industry, with a view of helping firms drive sustainable solutions to improve conduct and restore trust.
- Implementing IFRS 17 in China
The latest edition of Deloitte's Insurance Accounting Insights – Country in focus has put the spotlight on China to explore the practical implications for insurers in China by focusing on the differences between reporting under PRC GAAP and reporting under IFRS 17.
- Review of 2016 annual results of listed Chinese insurance companies
The report looks at the performance of China's insurance industry in 2016 by analysing the financial data of seven major Chinese listed insurers. The report is intended to offer insights on the current Chinese insurance market and coming trends.
- Tactics to get satisfaction from data analytics: EMEA Insurance data analytics study
The responses included 8 out of the top 10 European insurers, based on a classification by total assets under management.
- Turbulence ahead: The future of general insurance
This report from Deloitte Global looks at transformative forces in the general insurance industry and outlines several possible scenarios for the future.
- Analysis of China's Compulsory Third-Party Liability insurance in 2017
The domestic Compulsory Third-Party Liability insurance industry suffered an underwriting loss of RMB 4.9 billion in 2015. How to improve business performance under current regulatory policy has become a hot topic amongst P&C insurers.
- Navigating the year ahead: Financial services regulatory outlook 2017
This paper sets out the major regulatory themes that the Deloitte Centre for Regulatory Strategy expects to dominate the regulatory agenda for Asia Pacific financial institutions over the coming year.
- Review of 2016 interim results of listed Chinese insurance companies
Following the publication of their 2016 interim reports, our latest study analyzes the financial data of seven listed insurance companies to identify current developments and future trends across China's insurance sector.
- Picture perfect: A blueprint for digital identity
Lack of a strong, universal digital identity solution limits innovation and delivery of efficient, secure, digital-based Fintech offerings. Financial services institutions should drive the development of such a solution.
- Over the horizon: Blockchain and the future of financial infrastructure
When the industry can be fuelled by distributed ledger technology what does the future of financial services infrastructure look like?
- Review of 2015 annual results of listed Chinese insurance companies
This report provides a comprehensive analysis and insights on the financial reporting and performance of the Chinese insurance market based on the 2015 annual reports of seven listed Chinese insurance companies.
- Management information on culture
This paper, launched in partnership between Deloitte’s three regulatory strategy centres, sets out eight principles for collecting meaningful management information on culture that will allow Boards and senior management to understand if their “tone from the top” is reflected in a strong and consistent “echo from the bottom”.
- Insurance accounting insights: New IFRS on insurance contracts heading towards publication
The International Accounting Standards Board's decision to ballot the new standard for insurance contracts sets the scene for thinking about implementation.
- Market analysis of China compulsory third-party liability insurance in 2014
Deloitte's Actuarial and Insurance Services team has analyzed the latest market data and actuarial reports published by the China Insurance Regulatory Commission to identify current trends in domestic compulsory third-party liability insurance with an aim to help the industry optimize its operations to reverse long-term loss history.
- Cleared for takeoff: Five megatrends that will change financial services
This report identifies the clusters of innovation that are affecting business in five areas of the financial services industry: Primary accounts, payments, capital markets, investment management and insurance.
- Review on 2015 interim results of China listed insurance companies
This report has been compiled by the Deloitte China FSI team to provide data analysis on the performance of six China listed insurance companies based on the 2015 interim reports released by PICC, China Life, Ping An Insurance, CPIC, China Taiping and New China Life.
- Regulatory reform
This paper, from the Deloitte Asia Pacific Centre for Regulatory Strategy, sets out the key elements of the financial services international reform agenda and the application of these in the Asia Pacific region.
- Opportunities and challenges for insurance assets management in an era of industry homogenization
Since 2012, CIRC has consecutively released numerous new regulations, resulting in a broader than ever investable universe of assets available to insurers. This report was written based on the latest trend of development and industry experiences.
- 2013 China compulsory third party liability insurance market analysis
The report is aimed to share the information of business performance of CTPL in 2013 as well as to optimize the future operating model to reverse the long-term profit loss situation of CTPL business.
- Top 10 trends and prospects of China’s insurance industry 2013
The report provides a review on the development of the insurance industry in China in 2012 and a prediction of the future trends in 2013
- The path of domestic bancassurance development
Providing a comprehensive perspective and innovative ideas for domestic bancassurance mode transformation, helpful for the healthy development of domestic bancassurance in China