Chinese insurers' business growth recovering from COVID-19: Fitch
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E-mail Xinhua, December 7, 2020
The growth of China's insurance sector is expected to recover from the impact of COVID-19 in 2021, supporting business expansion for both life and non-life insurers, according to reports from Fitch Ratings.
China's life insurance sector is expected to regain growth momentum from a low base in 2020, the ratings agency said in its reports on the outlook of China's life and non-life insurers in 2021.
A growing, aging population and the COVID-19 outbreak are likely to lead to a surge in the demand for long-term health insurance and services, as well as long-term savings products, the reports said.
The growth of the country's non-life insurance sector is also expected to be stronger in 2021, given the ongoing recovery of economic activities despite the pandemic, according to the reports.
Fitch expected the non-life insurers to maintain healthy solvency adequacy to support underwriting activity and to cushion against asset volatility, with the non-motor business continuing to report faster growth dynamics than the motor insurance class.
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