China: P&C Insurers Show Signs of Improvement Despite Underwriting Losses
China, 14 March 2025 – Despite continued underwriting challenges, a new report from a leading industry publication reveals that the financial performance of China’s Property & Casualty (P&C) insurance sector saw some positive trends in 2024.
According to the report, 54 out of 74 P&C insurers reported a combined ratio exceeding 100%. This indicates that these companies paid out more in claims and expenses than they earned in premiums. While the majority experienced losses, there were also encouraging indications of improvement that were not as visible in 2023.
Of the 74 companies assessed, 37 fell within the 100%-110% range. This is a notable increase of 10 compared to the previous year. Furthermore, only eight insurers exceeded a combined ratio of 120%, a decrease of six year-on-year.
The figures suggest a complex picture for the Chinese P&C insurance market. Although many insurers are still dealing with underwriting losses, efforts to enhance efficiency and control costs might be beginning to bear fruit.
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