2023 Insurance Law Practice Overview Of China

1. INTRODUCTION

Over the past decade, China's insurance industry has grown rapidly and held the second-largest premium market share worldwide for many years, contributing steadily to the global insurance market. In 2022, despite the repeated impact of the pandemic and the turbulent capital markets, China's insurance industry has been put to the test and has seen new developments with the introduction of various favorable policies, such as the start of pension insurance and green insurance and the continued "popularity" of D&O liability insurance.

Based on data released by China Banking and Insurance Regulatory Commission (CBIRC) on its official website on 11 January 2023, as of November 2022, the insurance companies' original insurance premium income reached 635 billion USD with an increase of 4.95% year-on-year; the claims and benefits paid out were 192 billion USD with a decrease of 0.60% year-on-year; the total assets of the insurance industry reached 3.9