The Chinese insurance industry has reported steady operations and adequate solvency in the first nine months of 2022, according to the China Banking and Insurance Regulatory Commission (CBIRC).
The CBIRC reported that, as of end-September, the average comprehensive solvency ratio of the 181 insurers it reviewed was 212%, and these insurers’ average core solvency ratio was 139.7%.
This means that China’s insurance industry remains within the acceptable solvency ratio range, and that its risk control is adequate, despite economic volatility in China due to the aftereffects of the COVID-19 pandemic and Beijing’s tighter restrictions, compared to the rest of the world.
For property insurance companies, the average comprehensive solvency ratio was 238.9%. For life insurers, it was 204%, and for reinsurers, it was 309.1%.
CBIRC said it will work to exercise stronger oversight on the insurance industry to make it more resilient against financial risks.