Mainland life insurers will increase new business this year as a result of expanding their sales channels, reports the South China Morning Post. The Post adds that insurers can now also sell through banks to clients more prepared to acquire long-term insurance products.
"After years of chasing market share, the Chinese insurers have refocused themselves on product fundamentals," Stanley Tsai, a director at Fitch's Asia-Pacific insurance ratings team, told the Post.
Citing Fitch, the Post says China's low insurance penetration rate would provide a huge growth opportunity for the insurance sector. Fitch says potential interest rate increases and a steeper yield curve would help improve insurers' earnings this year.
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