In 2022, the world economy slowed down due to the Covid-19 epidemic, Russia-Ukraine conflict, trade disputes, and inflation. Although Asian countries continue to explore the potential of the insurance market, and the ability of Asian economies to resist external shocks has improved, the development of the insurance market is still encountering certain resistance. According to the latest Sigma data from the Swiss Re Institute, the total premium income in Asia in 2022 was US$3.40 trillion, accounting for 50.17% of the global premium income, a year-on-year decline of 4.72% compared to the region's premium income in 2021, of which the life insurance premium income was US$2.05 trillion, a year-on-year decline of 7.11% and non-life premium collection of US$1.35 trillion, down 0.67% year-on-year. Overall, Asia's life insurance industry development is closer to the global average, while non-life insurance industry development is far from the global average. The global life insurance market has an insurance density of $354 per person and a depth of insurance of 2.80%. Asia's life insurance market has an insurance density of $234 per person and a depth of insurance of 2.77%. The global non-life market has an insurance density of $499 per person and a depth of insurance of 3.90%. Asia's non-life market has an insurance density of $147 per person and a depth of insurance of 1.83%. Sub-regionally, there are large differences among Asian regions, with China and Japan still dominating the Asian insurance market, together accounting for about one-third of the market premiums in the region. From the development trend, premium growth in is relatively weak in Japan, South Korea and other developed markets, affected by multiple factors. However, the insurance market in emerging Asian economies represented by Chinese mainland (excluding Hong Kong, Macao and Taiwan regions), India, Vietnam, the United Arab Emirates and so on still has great potential. Premiums in these economies are still maintaining a relatively fast growth momentum, insurance penetration rate continues to improve. Thus, the position of the market in the world has been significantly improved, and it is expected to become an important engine of growth in driving the global insurance industry.
(i) Overview of Insurance Market Development in Chinese Mainland (excluding Hong Kong, Macao and Taiwan regions)
With the rapid development of China's economy, the insurance market in Chinese mainland has made world-renowned achievements. Among the Asian insurance markets, Chinese mainland's insurance market is in a solid position. In the global insurance market, Chinese mainland's insurance market is now the second largest market. In 2022, China's domestic economic growth rate slowed down, due to the impact of the epidemic, making the development of the insurance industry under certain pressure. However, the scale of premium income year-on-year was still on the rebound; the industry's competitive landscape basically remained stable, and the degree of market concentration was higher.
In terms of premium income, in 2022, China's domestic life insurance industry realized premium income of US$364,359 million, a year-on-year decline of 0.3%. Life insurance density in China is $255 per person with a life insurance depth of 2.00%. The non-life insurance industry realized premium income of US$333,448 million, a year-on-year increase of 0.84%. Non-life insurance density in China is $234 per person with a life insurance depth of 1.9%, which is showing a year-on-year rising However, there is still a big gap compared with the global average value.
Figure 1: Insurance Industry Premium Income and Year-on-year Growth Trends
Source: Sigma Database
In terms of net profit, the net profit of the life insurance industry in China totaled RMB 161.8 billion in 2022, down 20.41% year-on-year, which was the second consecutive year of shrinking profits for the life insurance industry. This was mainly due to the impact of the epidemic factor over the past year, which caused volatility in the capital markets, a significant decline in investment returns and pressure on the profitability level of life insurance. The non-life insurance industry realized a net profit of RMB 55.085 billion, up 5.4% year-on-year. The growth in net profit mainly came from the underwriting side, with the two indicators of consolidated claims ratio and consolidated expense ratio showing double declines in the same year for the first time, mainly due to the improvement in underwriting profit brought about by the reduction in travel and the decline in production accident rate under the epidemic.
In terms of regulatory rules, China Risk Oriented Solvency System (C-ROSS) Phase 2 are formally implemented in 2022, increasing the pressure on insurers' solvency. As of the end of the fourth quarter of 2022, the average consolidated solvency and core solvency of life insurance companies were 185.8% and 111.1%, respectively, representing a decrease of 36.7 percentage points and 100.6 percentage points, respectively, compared with the same period of the previous year. The average consolidated solvency and core solvency of non-life insurance companies were 237.7% and 206.8% respectively, down 46.0 percentage points and 54.6 percentage points from the same period of the previous year.
(ii) Overview of Insurance Market Development in Hong Kong, Macao and Taiwan, China
Compared with the Chinese mainland market, the insurance markets in Hong Kong, Macao and Taiwan, China are all mature and developed, although smaller in size. Insurance density and depth are among the highest in Asia. Hong Kong, China and Macao, China are an important part of the Greater Bay Area of China. With the launch of the Belt and Road and Guangdong-Hong Kong-Macao Greater Bay Area strategies, the markets of Hong Kong, China and Macao, China have entered a new stage of development.
Hong Kong, China's insurance industry has long ranked among the top 20 in the world. As the center of the Asia-Pacific insurance industry, Hong Kong, China is characterized by a concentration of major players, high insurance density, high insurance depth, and radiation from Asia-Pacific, and even the world. Nearly one-third of the world's top 20 insurance companies operate insurance business in Hong Kong, China. In 2022, Hong Kong, China's market has a total of 164 insurance companies, of which 89 are non-life insurance companies, 19 are general insurance companies, and 53 are long-term insurance companies. In 2022, there was 164 insurers in the Hong Kong market, including 89 non-life insurers, 19 general insurers and 53 long-term insurers. In 2022, general insurers had a premium size of HK$64.6 billion. The depth of insurance in the life insurance market is 16.70%, which is among the highest in the world. The main types of insurance in the non-life insurance market include accident and health insurance, liability insurance, and property insurance. Due to the large number of principals, the Hong Kong insurance market is relatively competitive. In recent years, due to the influence of regulation and favorable policies of the industry, motor insurance, property insurance, liability insurance and guarantee insurance have seen better growth, ranging from 2% to 33.7%.
Macao, China has a total of 26 insurance companies, including 14 general insurance companies and 12 life insurance companies. By place of origin, 11 of them are local companies and 15 are branches of foreign insurance companies from four countries and the Hong Kong Special Administrative Region of China. The Macao, China market is developing steadily. In 2022, the gross premium income of life insurance in Macao market was MOP35.613 billion, the gross indemnity was MOP4.854 billion, and the loss ratio was 13.6%, with savings life insurance and whole life insurance occupying a larger share. While the gross premium income of non-life insurance business was MOP2.609 billion, and the gross indemnity was MOP467 million, with a loss ratio of 17.9%, with the main types of insurance including fire insurance, labor insurance, auto insurance, etc. The competitive landscape of Macao, China's non-life insurance market operation is relatively stable, with the top three non-life insurance companies having a market share of over 65%.
The total premium income of Taiwan, China market ranks among the top ten in the world, and the total assets of the insurance industry exceeds NT$29 trillion, making it an important industry in Taiwan, China. In terms of market structure, life insurance accounts for a much larger share of the market than non-life insurance. Life insurance premium income in 2022 was $62,714 million and non-life insurance premium income was $23,761 million. The main types of non-life insurance include car insurance, fire insurance, health insurance, etc. In 2021, anti-epidemic policies began to appear because the Covid-19 epidemic make the accident and health insurance market demand climb. However, in 2022, due to the recurring impact of the Covid-19 epidemic, claims for epidemic prevention insurance continued to climb and resulted in significant losses. In terms of solvency, the non-life insurance industry in Taiwan, China is generally facing the pressure of capital erosion and insufficient solvency as a result of the impact of the large-scale claims of the Covid-19 epidemic-proof insurance. The solvency crisis has been temporarily lifted as the parent companies of a number of non-life insurance companies have injected capital and completed the wave of capital injections before the publication of the 2023 semi-annual report. In terms of regulatory policy, Taiwan, China announced that it may implement IFRS 17 and ICS in 2026, and the implementation of the new standards is expected to put a lot of pressure on the gold-controlled parent companies of insurance companies.
(iii) Overview of Insurance Market Development in Japanese and Korean markets
Japan and South Korea are the major insurance markets in Asia, with the size of the Japanese insurance market ranking at the forefront of the world after the United States and China. Competition in the insurance markets of both countries is relatively stable, with oligopoly patterns. The market in this region has been plagued by long-term social problems such as the slowdown of regional economic development and the aging problem over the past decade, in addition to the fact that in the past two years, Japan and Korea have been affected by the slowdown of the global economy, the weakening of local currencies and the rise of inflation, which have led to sluggish economic growth and the insurance industry has been under certain pressure.
In terms of premium income and earnings:
In 2022, conventional losses in the Japanese and Korean markets climbed gradually with the recovery of economic activities after the epidemic, and major losses were hit hard by natural disasters. The South Korean market is characterized by frequent accidents such as typhoons and fires, especially in 2022 after experiencing heavy losses from the POSCO floods, with a clear trend of hardening in the non-life insurance market.
In 2022, Japan life insurance premium income is $243.892 billion, down 15.94% year-on-year. Non-life insurance premium income is $93.930 billion, down 12.88% year-on-year. The top three types of insurance in the non-life market are auto, fire, and accident insurance, which together account for approximately 72% of the market.
South Korea's life insurance premium income in 2022 was $88.026 billion, down 6.82% year-on-year. Non-life insurance premiums were about $95 billion ranking 7th globally, up 11.5% year-on-year. In South Korea, the distinction between life and non-life branches is more blurred, as non-life insurers sell long-term insurance business such as long-term health insurance and long-term savings-type insurance in addition to traditional risk transfer business, and account for as much as 72% of the total. At the statistical level, the depth of insurance in South Korea's life insurance market is 5.40%, while the depth of insurance in the non-life market is as high as 5.8%, which is among the highest in the world. If long-term business is excluded, the depth of insurance decreases to 1.6%, which is lower than that of Japan and ranks near the middle of the global ranking. Overall insurance industry revenues improved year-on-year as new business in long-term insurance increased and loss ratios declined. In 2023, South Korea began adopting IFRS 17 accounting standards, with the change in standards having a large impact primarily on long-term insurance and a smaller impact on traditional non-life insurance policies.
In terms of industry competition:
Both the Japanese and Korean markets show an oligopoly pattern, with the head insurance groups mostly having a consortium or zaibatsu background and a certain degree of influence overseas. As of the end of 2022, there were 42 life insurance companies in Japan, according to the Japan Life Insurance Association. According to the Japan Loss Insurance Association, 29 local non-life insurance companies and 22 non-life overseas insurance companies, of which Sumitomo Mitsui, Aiwa Yoritomo Insurance, Tokio Marine and Nippon Zaibatsu accounted for 87% of the market, and also had a large influence in the international market.
Korea has 20 life insurance companies and 31 non-life insurance companies. Zaibatsu plays a very important role in the Korean economy, with three giants, Samsung Fire Insurance, Hyundai Insurance and Dongbu Insurance, accounting for a combined market share of 70%.
(iv) Overview of Insurance Market Development in ASEAN Market
The Association of Southeast Asian Nations, referred to as ASEAN, currently has 11 member countries including Indonesia, Malaysia, the Philippines, Thailand, Singapore, Brunei, Vietnam, Laos, Myanmar, Cambodia and Timor-Leste. As the world's sixth-largest economy, it has maintained steady growth in the past decade with the help of a stable population growth rate and a friendly environment for foreign direct investment, and is now one of the most dynamic emerging economies in the world. The region's insurance market as a whole is characterized by fast premium growth, high growth potential and country-specific differences. Singapore has a developed economy with a mature and large insurance market and a regulatory system in line with international standards; economically backward countries such as Myanmar, Cambodia and Laos have a very low insurance coverage rate, and the depth and density of insurance are at a low level, with great market potential.
In terms of premium income, the total premium income of the insurance industry in ASEAN countries in 2021 was about US$130 billion, of which about 70% was in life insurance and 30% in non-life insurance. Over the twenty-year period 2001-2021, seven of the eleven ASEAN countries have non-life premium growth rates greater than GDP growth.
Singapore is the top insurance market in ASEAN and an important financial and insurance center in the world. In 2022, Singapore's life insurance premium income was US$35.305 billion, up 1.91% year-on-year. Non-life insurance premium income was US$11.678 billion, up 10.46% year-on-year. In terms of premium size, local business grew steadily and offshore business grew faster. As a regional trading center, Singapore's reinsurance market is comparable in size to that of direct insurance, with total premiums amounting to S$8,884 million, 97% of which came from the international market.
Figure 2: ASEAN Insurance Market Premium Development in Recent Years
Thailand is the second largest insurance market in ASEAN, with a relatively stable insurance market landscape and a mild competitive environment. Total premium income in Thailand in 2022 was THB885.32 billion, up 0.99% year-on-year, of which THB611.104 billion was for life insurance and THB274.216 billion was for non-life insurance, with the top three types of insurance being commercial motor insurance, comprehensive accident insurance and fire insurance. Like the Taiwan, China market, the Thai market endured a heavy blow in 2022 from huge claims on anti-epidemic policies, with four insurers forced to suspend operations and head insurer Southeast going bankrupt. The anti-epidemic policy was discontinued in June 2021 and the exposure has been cleared in one go.
The Vietnam market is one of the most highly regarded emerging markets in ASEAN and even in Asia. It is characterized by rapid growth, flourishing opportunities, and intensified competition. In 2022, Vietnam's total premium income was US$11.286 billion, an increase of 18.48% year-on-year; of which, US$8.258 billion was for life insurance and US$3.028 billion was for non-life insurance, with the depth of insurance in the life industry at 1.60% and that of the non-life industry at 0.70%. And the top three insurance types accounted for by the non-life industry are health insurance, motor insurance, and property and casualty insurance, respectively.
In terms of solvency, countries with relatively developed insurance industries, such as Singapore, Malaysia, Thailand, Indonesia and the Philippines, have adopted the RBC capital regulatory model, while countries such as Brunei and Vietnam have basically adopted the EU Solvency I regulatory model. In terms of market liberalization, most markets in ASEAN are welcoming to foreign investment. In the top four countries in ASEAN in terms of premium income (Singapore, Thailand, Malaysia and Indonesia), foreign-funded or joint venture insurance companies account for more than 80% of the market share, and foreign investment also plays an important role in the markets of Cambodia and Brunei; When Laos joined the World Trade Organization, it made a commitment not to restrict foreign ownership within five years of accession. However, some ASEAN countries have begun to tighten the approval of new licenses for market access or even stopped issuing new licenses as a means of encouraging small and medium-sized insurers to merge and improve the competitiveness of their insurance companies.
(v) Overview of Insurance Market Development in South Asia Markets
South Asia is the world's most populous geographic subregion, with a total population now exceeding 1.8 billion, including India, Pakistan, Bangladesh, Sri Lanka, Nepal, Maldives, Bhutan and Afghanistan, and is one of the regions with the highest growth potential in the world. Overall, the insurance industry in the South Asia region is growing and evolving at a fast pace, but it is also constrained by factors such as poverty, unemployment and inadequate infrastructure. Over the past three years, the region has been affected by multiple internal and external influences such as the economic crisis in Sri Lanka, the mega floods in Pakistan, the slowdown in global economic growth, and the Russia-Ukraine war, in addition to the impact of the epidemic.
In terms of premium income and profitability, the major economies in the South Asia region maintained high premium growth in 2022, which outpaced GDP growth, with more than 75% of premiums coming from India. In terms of total premiums, India is already the 14th largest market in the world, total life insurance premiums in India in 2022 was USD 99.5 billion, a year-on-year growth of 7.05%, and total non-life insurance premiums was USD 31.5 billion, a year-on-year growth of 4.91%. Life insurance density in 2022 was USD 70 per person, non-life insurance density was USD 22 per person, and the depth of life insurance coverage reached 3%, while the depth of non-life insurance coverage broke through the 1%. The depth of life insurance reached 3% and the depth of non-life insurance crossed the 1% mark. There are currently 67 insurance companies in India, of which 41 are life insurance companies and 26 are non-life insurance companies, with state-owned companies dominating the market. In recent years, private companies have been the main contributors to the long-term high growth of the Indian insurance industry. On a segmental basis, all insurance lines except agricultural insurance have realized high premium income growth.
Pakistan is the second largest insurance market in South Asia with a limited overall size. The Pakistani insurance market is also dominated by state-owned enterprises, with 35-40 private companies, and is relatively competitive, with new entrants and foreign companies gradually gaining market share. From an insurance market perspective, the growth of the market has been driven by factors such as economic recovery, infrastructure development, and improved consumer confidence, but has also been somewhat adversely affected by high inflationary starts and significant exchange rate fluctuations.
On the regulatory front, India's insurance and reinsurance industry is regulated by the Insurance Regulatory and Development Authority of India (IRDAI), which in recent years has worked on initiatives to increase the size of indigenous premiums, improve insurance penetration, and reduce industry payouts by introducing a series of Incentives such as allowing insurers to conduct video-based customer identification (KYC), launching standardized insurance products and allowing insurers to offer incentives for low-risk behavior. Recently, IRDAI has taken the lead in proposing the launch of a unified online platform 'Bima Sugam' for centralized trading of insurance products.
(vi) Overview of Insurance Market Development in West Asia market
West Asia mainly consists of 20 countries such as Saudi Arabia, UAE, and Israel, but the development of the insurance industry in the West Asia market is mainly in the UAE, Israel, and other countries that are relatively stable politically and economically. In terms of premium income, the total premium income of the insurance industry in the West Asian countries was approximately USD 113.4 billion in 2022, with a growth rate of 30%, of which the total premium income from life insurance was USD 53.8 billion and the total premium income from non-life insurance was USD 59.6 billion.
The UAE insurance market has been growing at a steady pace in recent years, topping the list of Arab countries in terms of insurance development. In 2022, the UAE's life insurance premium income amounted to US$3,255 million, growing at a high rate of 75.09% year-on-year, while non-life insurance premium income amounted to US$10.5 billion, with a premium growth rate of 6.6%. Overall, the UAE is a wealthy, development-oriented country with a lot of scope for growth in the insurance industry. According to the UAE industry regulator, there are a total of 62 registered insurance companies in the UAE, of which 50 operate on a conventional basis and 12 operate under Islamic law; 35 are national insurance companies and 27 are foreign insurance companies according to their affiliation. And the market is highly concentrated, with the top five companies having a combined market share of 59%.
Israel is also an important market in the region. Israel's life insurance premium income in 2022 was $11.198 billion, up 7.03% year-over-year. Non-life premium income was $10.8 billion, with a premium growth rate of 6.4%. The Israeli market is gaining ground in the region.
(vii) Overview of Insurance Market Development of Markets in Five Central Asian Countries
Central Asia mainly includes five countries, including Kazakhstan, Kyrgyzstan, Tajikistan, Uzbekistan and Turkmenistan. As former member states of the Soviet Union, the five Central Asian countries have long had a large insurance gap and a large market potential. Compared to their populations, the insurance markets in the five Central Asian countries are small. Lack of insurance awareness and lack of funds for companies/individuals to purchase insurance are the two main factors limiting the growth of the insurance market in Central Asia. In recent years, the Russia-Ukraine conflict has had a large impact on the region and the insurance market has experienced some volatility.
Kazakhstan is the number one insurance market in the region. Kazakhstan's life insurance has shrunk in size, while the non-life insurance market has expanded significantly. The life insurance market premiums amounted to USD 606 million in 2022, a decline of 18.11% year-on-year, while the non-life insurance market premiums amounted to USD 1,158 million, a 14.77% year-on-year increase. According to regulatory data, as of January 1, 2022, there were 27 locally domiciled insurance companies, of which 9 were life insurers and 18 were non-life insurers. The leading non-life insurers are Eurasia, Halyk, Kazakhmys and NOMAD.
Uzbekistan's insurance market is relatively small, with low per capita premium spending. However, it has flourished in recent years, growing steadily despite the epidemic environment, with premiums in the range of US$200 million.
The overall premium scale of Turkmenistan, Tajikistan and Kyrgyzstan markets is relatively small, all less than 50 million dollars. And these markets are vulnerable to internal and external influences and market fluctuations.
II. Outlook for the Insurance Industry in Asia
(i) Challenges and Opportunities for the Insurance Market due to Economic Development in Asia
Macroeconomic cyclical slowdown, persistently high inflation, geopolitical tensions and climate change have made the development of the insurance industry challenging. Since 2023, the global economy has slowed down significantly, the banking crisis in the U.S. and Europe has impacted the global financial markets, making the liquidity crisis spreading. Thus, the market's risk aversion is heating up, the economic outlook and the uncertainty of the direction of the monetary policy are on the rise, so that the risk of global liquidity tightening may further spill over to the Asian market, affecting the operation and development of insurance companies. The Russia-Ukraine conflict exacerbated geopolitical tensions and the energy crisis. Besides, the trend of anti-globalization led to the fragmentation of the global value chain and supply chain, the slowdown of global trade and the escalation of cargo prices, coupled with the frequent occurrence of extreme weather conditions, which impacted the Asian trade market and the financial market and other cost increases. High inflation exacerbated pressure on insurers to pay out claims, while also facing social inflation due to a significant increase in insurance claims as a result of changes in judicial decisions, while the low-carbon transition raised costs in the short to medium term and made reserve adequacy a key risk.
Globally, however, Asia remains the most dynamic and brightest region in the global economy, which will bring abundant development opportunities to the insurance market, with premium growth expected to lead the world. China will continue to be a major contributor, because the high-quality development of its economy has laid a solid foundation for the development of the insurance industry. According to the insurance "S-curve" development law of Swiss Re, countries with a per capita GDP of 5,000-35,000 USD will see the fastest growth in premium income. In 2022, China's per capita GDP has exceeded 10,000 USD (85,700 RMB per capita), and by 2035, when a modernized country is built, the per capita GDP will reach 32,000 USD. million dollars. China is in the zone of rapid release of insurance demand. According to SIGMA research, China is the largest source of growth in the global insurance market and is expected to remain the largest contributor to the global insurance market among emerging markets for at least the next 10 years. Other Asian economies, particularly emerging economies, are also expected to see faster premium growth as they gradually recover. Besides, driven by more resilient economies and expanding demand for insurance, it will continue to grow their position in the global insurance market.
(ii) Regulatory Policies to Actively Address New Risk Challenges
As the insurance industry is currently facing many uncertainties such as economic inflation, geopolitics, environmental challenges and new types of risks, regulators across Asia are committed to promoting insurers' responses to the uncertainties of economic development and structural changes in risks.
On the one hand, regulators are strengthening cooperation. The development of the insurance industry in emerging markets in Asia has similar development environments and demands for institution building. They have a good foundation for cooperation and broad space for cooperation in insurance supervision. In the 12th Asian Insurance Supervisory and Regulation Forum, held in March, 2023, all participants explored and cooperated on the development of emerging markets, innovation in insurance supervision, insurance capital standards, catastrophic insurance, insurance innovation, and dealing with cyber risks.
On the other hand, it is crucial for the development of the region's insurance industry for regulators to formulate differentiated policies that take into account national conditions. Chinese regulators have issued a series of regulations and supervisory policies in recent years, covering cyber security insurance, green insurance, insurance company governance and personal data protection. Japanese regulators have issued a series of guidelines on consumer protection, digital asset management and insurance disclosure guidelines. Singapore's Financial Supervisory Authority (FSA) released the 2025 Financial Services Transformation Map, which aims to promote the digitization of financial infrastructure, net-zero transformation of Asian markets, and future-proof financial networks. India's regulator led the launch of a unified digital insurance platform, introduced rules to encourage product innovation, and the Lower House of Parliament passed a personal data protection bill.
Judging from the above regulators' movements, digitalization, new energy and cyber risks are the consensus of many parties. In the future, Asian insurance regulators can further strengthen cooperation to deal with the uncertainty of economic development, the extremity of natural disasters and new types of risks that are increasingly emerging, promoting the integration and win-win development of insurance markets in various regions.
(iii) New Technologies Providing New Momentum for Development
The application of new technologies provides new momentum for the development of the insurance industry in the post-epidemic era. 5G, artificial intelligence, the Internet, blockchain, big data and other new rounds of cutting-edge technology applications will further penetrate and expand into various fields, supporting the digital, networked and intelligent transformation of the economy and society. The outbreak of the Covid-19 epidemic has accelerated the application of new technologies, creating and expanding application scenarios for new consumption and new products. AI Artificial Intelligence+Big Data+5G+Blockchain has brought about sweeping changes to the insurance industry. In the post-epidemic society, the recovery of the economic industry, reconfiguration of the economic rules, remodeling of the global value chain and the new science and technology to promote the insurance industry to enter the era of precision customization provide strong technical support for innovation. Facing that technology reduces operating costs and that the epidemic accelerates industrial iteration, digitalization will be the road of necessity for the transformation and upgrading of the insurance industry. And in the future, the use of 5G, AI, and information technology technologies in the insurance field will be more prevalent, and the IT technology used in insurance industry may usher in a revolutionary development, providing new development momentum for the insurance to improve quality and speed up the growth of the insurance industry.
【This article is AFCA Working Paper No. 2024-17/180】
Expert Biography
Zhang Qing, Fellow of Asian Financial Cooperation Association Think Tankers Committee, is also the Party Secretary, President, Executive Director, Chief Risk Officer, Compliance Officer, and Administrative Person Responsible for Equity Investment Risk of PICC Reinsurance Company Limited. He holds a postgraduate degree in engineering and is a senior economist. Mr. Zhang has served as a member of the Party Committee and President of PICC Reinsurance Company Limited since January 2017, and as the Party Secretary and President since December 2020. He has concurrently held the positions of Chief Risk Officer since March 2021, Compliance Officer since January 2021, and Administrative Person Responsible for Equity Investment Risk since November 2021 to the present. He obtained the regulatory qualifications for insurance company supervision successively in April 2017 and January 2021: Director (Supervision License [2017] No. 319), General Manager (Supervision License [2017] No. 392), and Compliance Officer (Supervision Reply [2021] No. 66), and has been fulfilling the relevant duties after receiving the regulatory approvals.
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