CAS Releases Joint Report on China’s Insurance Trends

The Casualty Actuarial Society recently released a joint report examining China’s insurance trends. Co-sponsored with the Society of Actuaries and Canadian Institute of Actuaries, “China: An Era of Insurance Innovation,” highlights insurance trends in China, with a particular focus on topics that will drive the enterprise risk management (ERM) function of insurance companies. The report draws on findings from interviews of practitioners in the Chinese market, to provide context for the drivers of ERM transformation.

“The Joint Risk Management Section (JRMS) council felt this was an important topic where research was needed,” said Louise Francis, FCAS, CSPA, chair of the report’s Project Oversight Group (POG). “We wanted the research to be relevant beyond North America, and to ultimately address two large countries with a growing insurance industry: India and China, as well as the US and Canada. This first chapter is the China chapter, which has been published as a stand-alone document. Like many North American actuaries, I know very little about the insurance industry in China, so I found the chapter very informative. It is clear that the insurance industry in China has been rapidly evolving due to both technical innovation and a changing regulatory environment.” The report is divided into three major sections: innovation, business environment and regulatory environment.