No price war as insurers lower pricing
Print Edition
The recent liberalization of a pricing mechanism for life insurance products will not trigger a price war despite several insurers having launched new products with discounted prices, China Pacific Insurance Co said yesterday.
Early this month the China Insurance Regulatory Commission removed an interest rate cap of 2.5 percent for life products but the insurers will continue to monitor insurers’ reserve cash and solvency rate.
Xu Jinghui, chairman and CEO of China Pacific Life Insurance Co, said insurers can’t afford a price war as they have to comply with solvency regulations.
“The policy won’t cause market disorder,” Xu said. “The move will force insurers to improve management on operation costs and investment returns.”
ABC Life and CCB Life have registered new products with the CIRC that offer discounts of up to 26 percent compared with products launched before the reform.
China Pacific on Sunday said first-half net profit jumped 107 percent to 5.5 billion yuan (US$899 million).
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