The Chinese Insurance Market

Transcription

1 The Chinese Insurance Market China Mainland October to December 2013 Issue 27 (October to December 2013) Welcome to Issue 27 of the China Newsletter, covering developments in the Chinese insurance market in the fourth quarter of Gross written premium for 2013 was RMB 1, billion, up by 11.2% compared to The total premium income for life insurance is RMB billion, up by 5.8%. The total premium income for non-life insurance is RMB billion, and RMB billion for accident and health insurance, up by 16.5% and 26.9% respectively. If investment related premium is included, total premium would amount to RMB 2, billion. In the fourth quarter of 2013, the China Insurance Regulatory Commission ( CIRC ) has approved the opening of additional branches for CCB Life, ICBC- AXA and Guoyuan Agricultural Insurance. Several insurance companies indicated they were examining new insurance marketing channels. These new channels include exploring broader market opportunities by cooperating with large e-business suppliers, and independently researching and developing electronic client platforms. In this quarter, the CIRC has approved the capital injection plans of 18 life and non-life insurance companies. The CIRC released China's first life insurance experienced critical illness table China Life Insurance Experienced Critical Illness Table. It is to be used in the statutory reserves valuation for dread disease products. The CIRC released a circular concerning issues related to the investment of insurance funds in Growth Enterprise Market (GEM) stocks. It defines the stocks features that cannot be invested by insurance companies. We hope you continue to find this Newsletter interesting and informative. We would particularly like to receive your feedback on how we can improve this Newsletter over time to increase its value to you. Towers Watson Risk Consulting and Software, China In this issue Industry statistics Market update New entrants Expansion and capital injection Corporate developments Regulatory update CIRC releases China Life Insurance Experienced Critical Illness Table CIRC releases circular on Statutory Reserve Valuation based on China Life Insurance Experienced Critical Illness Table CIRC releases circular on the establishment of the Trial Statistical System for Serious Illness Insurance CIRC releases circular concerning issues related to the investment of insurance funds in Growth Enterprise Market (GEM) Stocks Ministry of Finance releases the notice about The approach to managing reserve for catastrophic risk of agricultural insurance CIRC releases the notice about regulation on captive insurance companies Products Personnel changes Contact details towerswatson.com 1

2 Industry statistics January to December 2013 The Chinese insurance industry generated gross written premiums of RMB 1, billion from January to December 2013, up by 11.2% compared with the same period last year, according to the CIRC. The contribution of life premium was RMB billion, an increase of 5.8% compared with the corresponding period in The contribution of non-life premium was RMB billion, and personal accident and health was RMB billion, up by 16.5% and by 26.9% year-onyear respectively. If investment related premium is included, total life premium would amount to RMB 1, billion. Life insurers The total life premium income collected by domestic life insurance companies for 2013 was RMB 1, billion including both life and short term business, an increase of 7.0% compared with the same period last year, accounting for 94.5% of the total life premium. If investment related premium is included, the total life premium income of domestic companies would amount to RMB 1, billion and accounting for 94.8% of the total market. Around 60% of domestic life insurers reported positive growth in Excluding investment related premium, China Life reported a 1.0% increase in premium income with RMB billion, still ranking first in the market and taking a market share of 31.6%. Ping An (including life, health and pension) remained in second position, with premium income of RMB billion, a year-on-year growth rate of 13.7%. New China Life took third place, reporting an increase of 6.1% in premium income with RMB billion. China Pacific Life reported premium income of RMB billion, slightly increasing by 1.8% compared with PICC life and health business combined reported a 15.8% year-on-year increase with premium income standing at RMB billion. Taikang had premium income of RMB billion, with a slight year-on-year decrease of 0.6%. Taiping (life and pension combined) reported a year-onyear growth of 42.3% with premium income of RMB billion. ABC Life reported an increase of 74.4% in premium income with RMB 7.23 billion. China Post Life reported a 58.4% increase in premium income, at RMB billion. Premium Growth China Life % Ping An Group % New China Life % China Pacific Life % PICC Life % Taikang Life (0.6%) Taiping Group % ABC Life % Premium Growth China Post Life % Zhongrong Life % Excluding investment related premium, foreign / joint venture life companies together generated premium income of RMB billion from January to December in 2013, up by 25.5% compared with last year. Around 85% of foreign / joint venture companies reported positive premium income increase. ICBC-AXA remains in first position among foreign life insurers, growing by 116.5% with RMB billion premium income. AIA, in second position, generated a RMB 9.41 billion premium income, an 8.2% increase. Sino-US United MetLife, which ranked third, showed a 21.6% increase to RMB 5.67 billion compared with CIGNA-CMC and BoComm Life have both grown significantly in 2013, up by 75.1% and 86.4% on a year-onyear basis. Premium Growth ICBC-AXA % AIA % Sino-US United Metlife % CIGNA-CMC % BoComm Life % If investment related premium were included, total premium of the top domestic and foreign / joint venture companies were as follows: Rank Domestic Total premium 1 China Life Ping An Group New China Life PICC Group China Pacific Life Rank Domestic Total premium 1 ICBC-AXA AIA CITIC-Prudential Sino-US United Metlife Generali China Life 5.36 Non-life insurers Domestic non-life insurers gross premium income increased by 17.1% and stood at RMB billion in Foreign companies gross premium income reached RMB 8.30 billion, up by 23.6% compared with last year. towerswatson.com 2

3 PICC Property & Casualty (RMB billion), Ping An Property & Casualty (RMB billion), and China Pacific Property & Casualty (RMB billion) remained the top three non-life insurers, with a total of 65.6% market share in terms of premium income up to the end of December These three insurers achieved premium growth of 15.5%, 16.8% and 17.3% respectively. Among the foreign non-life insurers, Groupama Avic took first place with premium income of RMB 1.43 billion, an increase of 102.5% compared with AIG ranked second, with premium income of RMB 1.15 billion in 2013, up by 4.2% on a year-on-year basis. Liberty Mutual, ranked third, had premium income of RMB 0.85 billion, up by 18.4% compared with the same period last year. Market update New entrants Anbang Pension Insurance Co., Ltd has been approved by the CIRC to open business with registered capital of RMB 500 million. The company, registered in Beijing, is funded by Anbang Group. CNPC Exclusive Property Insurance Co., Ltd. has been approved by the CIRC to open business with registered capital of RMB 5.0 billion. The company, registered in Xinjiang, is funded by China National Petroleum Corp. and Petro China Limited. CIRC has approved Zhong An Online Property Insurance Co., Ltd. to start the company with the registered capital of RMB 1 billion. CIRC has approved the establishment preparation of Yanzhao Property Insurance, with registered capital of RMB billion and registered in Tangshan, Hebei Province. Expansion and capital injection The latest approvals for the opening of new provincial/city branches for both domestic and foreign companies are as follows: Life insurance companies CCB Life ICBC-AXA Non - life insurance companies Guoyuan Agricultural Branch He nan Hubei Branch He nan The following insurance companies received approval from the CIRC to make capital injections in the fourth quarter of Accumulated registered capital is listed as follows: Insurance companies Registered capital An Cheng P&C 4.08 AXA P&C 2.04 China P&C Reinsurance 9.53 Chubb Insurance 0.34 Insurance companies Registered capital CPIC P&C Foresea Life 2.50 Guohua Life 2.32 Hexie Health 3.10 Huatai Life 2.53 Huaxia Life 9.00 ICBC-AXA 5.71 Kunlun Health 0.67 Liberty Insurance 1.07 PICC Health 5.03 Sino-US United Metlife 2.72 Sunshine Life 9.17 Taiping P&C 4.07 Tian An Life 3.00 Corporate developments Anbang Insurance intends to buy out Shenzhen-based Century Securities Co., Ltd. Once the transaction is completed, Anbang will be closer to their goal of becoming a fully-licensed financial group. Ka Center ( 卡 园 ), a data center in whom China Life has an investment of more than RMB 2.0 billion, has been officially unveiled in Shanghai. Wan Feng, the President of China Life, said that the data research center in Beijing, Daoxianghu ( 稻 香 湖 ), was also expected to be completed in 2015, with an investment of about RMB 5.0 billion. China Life Insurance E-Commerce Co., Ltd. has officially held its opening ceremony. It is a subsidiary company of China Life Group with registered capital of RMB 1 billion. China Life Group and Huawei have signed a strategic cooperation agreement at the Huawei headquarters in Shenzhen. The two sides will carry out extensive cooperation in information technology, insurance and enterprise annuity, investment and financing. China Life AMP Asset Management Co., Ltd. has been formally established. It has registered capital of RMB million, jointly ventured by China Life Asset Management Limited (85.03%) and AMP Capital Investors Ltd. China Pacific Property & Casualty Insurance and the Chinese Ministry of Foreign Affairs have signed a cooperation agreement in Beijing on property all risks insurance and public liability insurance for Chinese embassies and consulates. CPIC P&C would provide the above insurance protection for 262 Chinese embassies and consulates in the next three years. Huatai Insurance and China Great Wall Asset Management Corporation have signed a strategic cooperation agreement in Beijing. Under the agreement, the two sides will carry out comprehensive cooperation in asset management, investment and financing services, insurance services, financial leasing, trust services, financing guarantees, financial advisory and other fields. Copyright 2014 Towers Watson. All rights reserved. towerswatson.com 3

4 New China Life Health Management Center, wholly owned by New China Life Excellence Health Investment Management Limited, has been launched in Chengdu. It is the first health care center built by New China Life in the southwest region of China. "PICC - Fuzhou Quanzhou Sea Bridge Debt Investment Plan" launched by People s Insurance of China has closed after being fully subscribed. It has raised RMB 2.7 billion insurance funds with a 10-year investment period. All funds will all be invested in the construction of Quanzhou Bay sea-crossing road tunnel. Ping An Group and the Massachusetts Institute of Technology (MIT) have signed an Industrial Liaison Program (ILP) cooperation agreement. Ping An is the first Chinese financial enterprise to have signed an ILP membership agreement with MIT, opening cooperation in areas such as research and development, project operations and personnel training. Ping An Group and Yibin Hongloumeng Distillery Co., Ltd. have signed a strategic cooperation agreement in Chengdu. Ping An Group will buy the shares of Yibin Hongloumeng Distillery Co., Ltd with RMB million. Upon completion, China Ping An Group is expected to be the third largest shareholder of the company, with 25% stake. Sino Life has officially established its e-commerce department, looking to boost business operations by using new internet techniques. Meanwhile, the opening of Sino Life s flagship store on T-mall has become the first step after the department s establishment. CIRC has approved Sunshine Life to carry out overseas insurance funds investment business. Sunshine Life will employ Sunshine Asset Management and UBS as domestic and overseas agents respectively and Standard Chartered Bank (China) as the trustee. Taikang Life, has completed a comprehensive customer service system upgrade. It now includes an electronic service platform, combining phone, wechat, weibo, network E station, etc., with a call center as the core contact channel. Taiping Group and China Telecom have signed a strategic cooperation agreement in Shanghai. The two sides will establish a comprehensive cooperative partnership in basic communication network, integrated information service and multi-channel application. The strategic partnership mainly includes communication infrastructure transformation, integrated communications services, risk management and insurance services, and innovative research in areas such as cloud services and big data. Taiping Insurance Group has signed strategic cooperation agreements respectively with Sparkle Roll Group and Zhengtong AUTO. The agreement mainly involves cooperation in motor vehicle insurance, enterprise property insurance, employee benefits insurance, automobile after-market insurance (concerned with all the services after the sale of the automobile provided by the original equipment manufacturer (OEM) to the consumer), financial investment and overseas business. Taiping Life and China Life have become the first life insurance companies allowed to set up branches in the Shanghai Free Trade Area. The branch of Taiping Life allowed in Shanghai FTA is parallel with provincial branch level and is directly subordinated to Taiping Life s headquarters. It is reported that Taiping Life has already started its preparation. The first domestic network insurance firm, Zhong An Online Property Insurance Co., Ltd., has officially opened on November 6 and launched Zhong Le Bao for Taobao sellers on December 15. As Zhong An s first innovative product, Zhong Le Bao targets Taobao sellers, and innovates in pricing, scope of responsibility, claims settlement and other areas. Regulatory update CIRC releases China Life Insurance Experienced Critical Illness Table ( ) China's first life insurance experienced critical illness table is named China Life Insurance Experienced Critical Illness Table, referred to as "CI table". It includes 2 experienced incidence tables of 6 illnesses and 2 of 25 illnesses, which are as follows: 6 disease incidence for male, referred to as CI1 6 disease incidence for female, referred to as CI2 25 disease incidence for male, referred to as CI3 25 disease incidence for female, referred to as CI4 CIRC releases circular on Statutory Reserve Valuation Based on China Life Insurance Experienced Critical Illness Table ( ) In order to regulate the valuation of statutory reserves, CIRC has decided to use "China Life Insurance Experienced Critical Illness Table " (hereinafter referred to as "CI Table") in the valuation of statutory reserves of critical illness life insurance products, which includes: The experienced critical illness rates used by insurance companies in statutory reserve valuation cannot be lower than CI Table; Insurance companies should determine the ratio of critical illness deaths among total deaths under the principle of prudence. For accelerated benefits life insurance products covering critical illness, companies should use the sum of death rate and critical illness rate as the minimum valuation rate; The determination of the minimum critical illness rate Copyright 2014 Towers Watson. All rights reserved. towerswatson.com 4

5 should consider the kind of critical illnesses insured by different life products and be based on the following rules: - If the illnesses insured are more than 25 of all the critical illnesses defined by the CIRC, CI3 and CI4 should be used as the minimum critical illness rates; - If the illnesses insured are less than 25 of all the critical illnesses defined by the CIRC, and include severe Alzheimer's disease and severe Parkinson's disease for age 65 and over, CI1 and CI2 should be used for the age below 65 and CI3 and CI4 for the age above 65 as the minimum critical illness rates; - Except for the aforesaid two circumstances, CI1 and CI2 should be used as the minimum critical illness rates. Based on the minimum critical illness rates, insurance companies should determine and adjust the valuation base of critical illness rates for statutory reserves under the principle of prudence: - Adjustment based on the scope of illnesses; - Adjustment based on the definition of illnesses; - Statutory reserves calculated under the valuation base should not be lower than the that under the lower bound of critical illness rates; such as the number of projects, the number of cities and counties with such business. CIRC released circular concerning issues related to the investment of insurance funds in Growth Enterprise Market (GEM) Stocks CIRC released a circular concerning issues relating to the investment of insurance funds in GEM stocks, which included: Insurance funds can be invested in GEM stocks. Insurance group (holdings) companies and insurance companies should have the required license to directly invest in GEM stocks, companies without such licenses should entrust qualified professional management organizations to invest. Insurance group (holdings) companies and insurance companies should include the book value of the invested GEM stocks in the calculation of equity assets. Insurance group (holdings) companies and insurance companies should not invest in GEM stocks with the following features: Listed companies under disclosed investigation of regulators or penalized by the regulatory authorities within the past year; Listed companies publicly condemned by the Exchange within the past year; Listed companies with financial statements within last year that were given a reserved opinion, an adverse opinion or a disclaimer of opinion by accounting firms; - In principle, the statutory reserve valuation base should not be changed once determined. If there is a big change on the experienced critical illness rate, insurance companies can adjust the base only after approval from the CIRC. CIRC released a circular on the establishment of the Trial Statistical System for Serious Illness Insurance In order to monitor serious illness business in insurance companies and to develop reasonable policies and measures, the CIRC released the Trial Statistical System for Serious Illness Insurance. The statistics required to be reported include: The summary table of serious illness insurance, including statistical indicators such as the number of projects, premium income, premiums receivable, claims payment, frequency of claims; The income statement of serious illness insurance business, mainly reflecting the profit and loss of its operation; The CIRC statistical table of the serious illness business operation, including statistical indicators Listed companies with suspicion of manipulation; Other circumstances stipulated by the CIRC. For insurance group (holdings) companies, and insurance companies who entrust professional management institutions to invest in stocks, the multiple accounts managed by the same institution and entrusted by the same company should be combined in calculating a single, combined proportion of equity assets.; If a professional management institution is entrusted by different companies, the combined equity proportion under the institution should be calculated for each company. If the combined equity proportion is no less than 5%, insurance agencies and professional management institutions should promptly report to the CIRC, and perform information disclosure obligations in accordance with the relevant provisions. Ministry of Finance releases the notice about The approach to managing reserves for catastrophic risk of agricultural insurance On 19th December, Ministry of Finance formally released the notice about The approach to managing reserves for catastrophic risk of agricultural insurance. According to this notice the catastrophe reserve is earmarked for covering the loss of agricultural catastrophe, and it could be Copyright 2014 Towers Watson. All rights reserved. towerswatson.com 5

6 used uniformly among various kinds of agricultural insurance policies. The notice requires insurers to set aside catastrophe reserve based on some proportion of gross written premium (GWP) and underwriting profit of agricultural insurance business respectively, which should be accumulated yearly. CIRC releases the notice about regulation on captive insurance companies CIRC has recently released the notice about regulation on captive insurance companies. As defined in the notice, a captive insurance company is a the company that has been approved by CIRC, sponsored by a sole parent company or with its subsidiary, and provide non-life insurance to its parent company or subsidiary only. The requirements for setting up a captive insurance company include not only the common laws and regulations for setting up an insurance company, but also the following additional requirements: The registered capital should match the risks the company undertakes; The investors should be enterprise of large size which maintain prominent major business with high profitability, and its total assets should be no less than RMB 100 billion; High risk concentration, wide geographic spread, difficult risk transfer, and steady insurance demand and strong risk control ability should be the feature of the company / industry. Products AIA has launched a whole life product, which includes features such as shareholders mutual insurance, wealth inheritance, policy loans (up to 90% of the cash value), six levels of flexible premium rates (customers are divided into smoking and non-smoking groups and their health conditions), only three disclaimers and free legal counsel. The minimum sum assured is RMB 12 million. It s also AIA s first real high net worth product. Ticket Booking Insurance jointly launched by Bank of China Insurance, Damai and Allianz Global Assistance has been available online since 17 December The insured that is not able to attend their booked shows, due to unexpected circumstances, will be compensated by 90% of the face value. China Life has launched a participating product. It puts the life annuity, maturity benefit and dividend of the main policy into the "Gold Account", to allow clients to see the benefits and provides more flexibility in the funds use. Also, it covers risks for the insured when they drive or ride in a private car. The beneficiary can have the option to convert death benefits to whole life annuities if the insured dies. CIGNA-CMC has launched a high-end individual health insurance, with a sum assured of RMB 20 million. The insured can have high-end health services worldwide without the restriction of social insurance provisions, receive VIP reward services, and directly pay into cooperative health institutions. CITIC-Prudential Life has launched its first online universal endowment product. It primarily invests in highrated infrastructure debt plans, projects asset-backing plans, and real estate debt plans. Product starts at RMB 10,000 without initial costs, management fees, and protection charges. It has a five year term and there are no surrender penalties after the third policy year. It is only sold on the official website of CITIC-Prudential. Generali Life has launched a whole life insurance after the relaxation of pricing interest rates. Its premium has decreased by 20% to 30% compared with the same types of products currently on the market. In addition, it has a wider range of coverage from 7 days after birth to 70 years old. Generali Life has launched an annuity package. It provides free health coverage for certain diseases and has a benefit term of 10 years. Customers who are from 30 days old to 65 years old can purchase this product. It fills the market vacancy that the elderly don't have the opportunity to be covered in the event of certain diseases. Huatai Life has launched a group insurance package, which consists of three group accident insurance products and is specifically designed for physicians, pharmacists and nurses in health service centers. It provides death, disability, outpatient and inpatient health care benefits to medical staff, with highest sum assured of RMB 500,000. ICBC-AXA Life has launched a participating annuity product with four points from which annuity payment starts - ages 50, 55, 60 and 65. Clients can freely choose from the options based on their retirement arrangements and protect their pension fund from being eroded by early withdrawal. From the designated payment age, the insured can receive 10% of the sum assured every year until 100 years old. New China Life has launched its first endowment product after the relaxation of pricing interest rates. It is sold through bancassurance and covers diseases, specified transportation, general accident and complete disability, with a benefit term of five years. The expected return after one year can reach 3.5%. It also provides policy loans up to 90% of the cash value. Ping An Health has launched a high-end health insurance exclusively sold online. Customers can choose the sum assured and the liabilities assured by themselves, including a high-end comprehensive health care with sum assured of RMB 16 million. Sinatay Life has launched a cancer insurance package, which consists of RMB 1 million anti-cancer benefits, RMB 1 million private car accidental death benefits and RMB 1 million public transportation accidental death benefits. It introduced a one-year waiting period for critical illnesses, and implements "double exemption" (exempted from physical examination and contract transfer) policy for people under the age of 55 with sum assured of RMB 1 million. For children under the age of 18, benefits are given once cancer is diagnosed, exceeding the death benefit limit of RMB 100,000 for juveniles. Copyright 2014 Towers Watson. All rights reserved. towerswatson.com 6

7 Sino-US United MetLife has launched a participating whole life product with minimum sum assured of RMB 1 million. The insured under the age of 45 with no more than RMB 5 million sum assured are exempted from physical examination. It includes death benefit, total disability benefit, advance payments, premium exemption, annuity conversion option and other protection. Sunshine Life has launched a health care package in the tele-marketing channel. It is designed using a pricing rate of 3.5% targeting juveniles and the elderly. It includes 5 times of sum assured benefits for public transportation and private car accidents, 3 times of sum assured benefits for other kinds of accidents, with an extra payment of 138% of the premiums paid. It has a premium term of 10 years and a benefit term of 25 years. Sunshine Life has launched a health care package for the elderly aged from 50 to 70 years old. This product includes coverage for accidents that are the result of fuel gas being used at home. The personal accident benefits will not be cancelled once an event has occurred. Also, it offers fracture benefits to the elderly against effects of osteoporosis. Taiping Life has launched a health insurance package, which covers 50 critical illnesses and provides an extra special benefit to preinvasive carcinoma with 20% of the basic sum assured. The basic critical illness benefit will not be affected after the special benefit claim. Personnel changes Sun Jianjun ( 孙 建 军 ) has been appointed General Manager of Pramerica Fosun Life Insurance Co., Ltd. Wang Bin ( 王 滨 ) has been appointed Chairman of the Board of Taiping Asset Management Co., Ltd. Wang Xiaojin ( 王 晓 锦 ) has been appointed Chairman of the Board of Dinghe Property Insurance Co., Ltd. Wu Xiaohui ( 吴 小 晖 ) has been appointed Chairman of the Board and General Manager of Anbang Insurance (Group). Xiao Bin ( 肖 彬 ) has been appointed General Manager of ABC Life Insurance Co., Ltd. Zhao Dongmei ( 赵 冬 梅 ) has been appointed Chairman of the Board of Great Eastern Life Insurance Co., Ltd. Zhao Wenguang ( 赵 文 广 ) has been appointed Chairman of the Board of Alltrust Property Insurance Co., Ltd. Zhu Bo ( 朱 波 ) has been appointed General Manager of Bohai Property Insurance Co., Ltd. Chen Chaoming ( 陈 潮 明 ) has been appointed General Manager and Chairman of the Board of Pearl River Life Insurance Co., Ltd. Daniel Martin Bridge has been appointed Chairman of the Board of Liberty Insurance Co., Ltd. Ding Xiangqun ( 丁 向 群 ) has been appointed Chairman of the Board of Taiping General Insurance Co., Ltd. Fu Jie ( 傅 杰 ) has been appointed General Manager of Foresea Life Insurance Co., Ltd. Fu Wensheng ( 傅 文 胜 ) has been appointed General Manager of Taiping Pension Limited. Liao Jianming ( 缪 建 民 ) has been appointed General Manager of China Life Insurance (Group). Liu Zhanguo ( 刘 占 国 ) has been appointed General Manager of Yingda Taihe Life Insurance Co., Ltd. Lu Zhiyong ( 卢 志 永 ) has been appointed Chairman of the Board of Bohai Property Insurance Co., Ltd. Luo Xi ( 罗 熹 ) has been named General Manager of the China Export and Credit Insurance Corporation. Ou Yaping ( 欧 亚 平 ) has been named Chairman and Yin Hai ( 尹 海 ) has been named General Manager of the Zhong An Online Property Insurance Co., Ltd. Copyright 2014 Towers Watson. All rights reserved. towerswatson.com 7

8 Contact details Towers Watson s Risk Consulting and Software business in China is based in Shanghai and Beijing. Please contact Adrian Liu, Michael Ross and Wesley Cui for life insurance, Jenny Lai and Yao Wang for non-life insurance and Steve Kean for distribution consulting. Adrian Liu General Manager, Life Insurance Consulting, China Jenny Lai Director, Property and Casualty Insurance Consulting, China Steve Kean Director - Insurance and Wealth Management Consultancy, Asia Pacific Michael Ross Director, Life Insurance Consulting, Greater China Wesley Cui Director, Life Insurance Consulting, China Yao Wang Director, Property and Casualty Insurance Consulting, China Beijing 29/F Floor, Kerry Centre South Tower 1 Guang Hua Road Chaoyang District Beijing, , China Tel: (8610) Fax: (8610) Shanghai 11/F Floor, Kerry Centre 1515 West Nanjing Road Shanghai, , China Tel: (8621) Fax: (8621) s: adrian.liu@towerswatson.com jenny.lai@towerswatson.com steve.kean@towerswatson.com michael.ross@towerswatson.com wesley.cui@towerswatson.com yao.wang@towerswatson.com Towers Watson is present in seven locations in Greater China, including Beijing, Shanghai, Shenzhen, Guangzhou, Wuhan, Hong Kong and Taipei. The Chinese Insurance Market newsletter has been prepared by Towers Watson for general information purposes only and does not constitute professional advice. The information, opinions and projections contained in this Newsletter are derived from various sources and have not been independently verified by Towers Watson. If you require professional advice or require any further information please contact any of the above named individuals. Errors and omissions expected. About Towers Watson Towers Watson is a leading global professional services company that helps organizations improve performance through effective people, risk and financial management. With 14,000 associates around the world, we offer solutions in the areas of employee benefits, talent management, rewards, and risk and capital management. towerswatson.com 8