The Chinese insurance sector is experiencing rapid growth, posing particular challenges to
effective supervision. The sector has been growing by over 20 percent a year and there are
ambitious government targets for further development. Many individual, often newer, companies
are growing at rates far in excess of the average. New entrants, products and distribution channels,
combined with the liberalization of pricing, have increased competition. At the same time, slower
economic growth and reduced investment returns are exposing many established life insurers to the
risk of loss due to the rising value of their liabilities. Many non-life companies are moving into new
lines of business as margins in established lines erode. While their customers continue to benefit
from a dynamic market, there are risks to insurance companies’ business models, performance and
to solvency as well as risks of misconduct in the treatment of insurance customers. There are
particular challenges for insurance supervisors to remain abreast of developing risks, while
continuing to strengthen the regulatory and supervisory system for the longer term.
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