The market recorded a growth rate of 5.7 percent in 2019.

The GlobalData report revealed that China’s general insurance industry is predicted to grow at a compound annual growth rate (CAGR) of 5.2 percent during 2019-2023. However, prior to the pandemic, the industry was expected to grow at a rate of 8.6 percent.

Sangharsan Biswas, Insurance Analyst at GlobalData, told the media, “Despite signs of recovery, the Chinese economy continues to grapple with sluggish business activity as new cases of infection are being reported. The recent floods will further dampen economic growth, resulting in lower premium growth for general insurers.

“The ongoing economic uncertainty compounded by the second wave of infections and worsening global trade scenario is expected to slow down growth in China’s general insurance industry. Despite push from regulators for a faster recovery, it is expected to be a protracted one.”

The report further revealed that the slowdown is mostly evident in the motor insurance segment followed by property insurance. Sales of new vehicles as well as new residential units in China declined due to the pandemic during the first half of the year.

It is reported that, China is also looking to restructure its medical insurance system. The restructuring is expected to impact nearly 300 million Chinese residents.

In August, China’s National Healthcare Security Administration, a sub-ministry-level government agency managing China’s public health insurance programmes, published a draft to reshuffle the urban employee basic medical insurance system.

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May 10, 2016: Leading insurance broker, Nexus Group, has appointed Philip Ashkuri as the Head of General Insurance, Commercial and Personal Lines, for the GCC region.

With nearly three decades in the general insurance industry, Ashkuri has extensive experience and widespread knowledge of the global and regional market. Ashkuri started his career in 1988 as an underwriter with the Prudential based in London, and was appointed to a number of senior management roles over an 18-year career with the same firm. He was then appointed as the Director of General Insurance at the Bank of Ireland (UK) in 2006.

Ashkuri relocated to the UAE in 2010 as the Regional Head of Insurance for HSBC, and more recently, held the role of Senior Vice President, EMEA Regional Head of Partnership Distribution at AIG.

“Phil’s exceptional knowledge and industry-specific expertise is an asset to Nexus Group, and we are pleased to welcome him to the Nexus family. His appointment to this role will add value to the services we provide our clients and to our overall general insurance portfolio,” said Tarun Khanna, CEO of Nexus Group.

Speaking about his appointment, Ashkuri said: “I am delighted to join Nexus Group where I will have an opportunity to implement my knowledge and skills in such a quickly developing market. I look forward to building on Nexus’ legacy of being the region’s trusted provider of insurance solutions.”

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