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).
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
