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China's insurance sector maintains adequate solvency in 2020 despite pandemic

March 04, 2021


Abstract : China's insurance sector has reported adequate solvency in 2020 despite the COVID-19 pandemic, the country's banking and insurance regulator said on Thursday.

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Photo taken on Jan. 2, 2021 shows the light show at the Lujiazui area in east China's Shanghai. (Xinhua/Wang Xiang)

BEIJING, March 4 (Xinhua) -- China's insurance sector has reported adequate solvency in 2020 despite the COVID-19 pandemic, the country's banking and insurance regulator said on Thursday.

The comprehensive solvency ratio of the 178 insurers reviewed by a regulatory meeting stood at 246.3 percent by the end of the fourth quarter of 2020, up 3.8 percentage points compared with the previous quarter, said the China Banking and Insurance Regulatory Commission (CBIRC).

During the period, their core solvency adequacy ratio was 234.3 percent, according to the commission.

The solvency ratio is a key metric to measure an insurer's ability to meet its debt and other obligations.

A total of 100 insurers were given A-rating, while the numbers of ones getting B, C and D ratings were 71, 3, 3, respectively, based on their comprehensive risks.

Though the development of the sector was affected by COVID-19 pandemic and other factors last year, the solvency ratio remained in reasonable range and risks were controllable, the CBIRC noted.

The regulator said it will continue to enhance the solvency supervision and risk prevention and control, make efforts to prevent and defuse financial risks and promote high-quality development of China's insurance sector.

(Edited by Li Shimeng with Xinhua Silk Road, lishimeng@xinhua.org)

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Keyword: insurance CBIRC

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