Bohai Property & Casualty Insurance, Qianhai Property & Casualty Insurance and other five insurance companies announced the suspension of Internet property insurance business
2024-08-27
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Several property insurance companies announced the suspension of Internet property insurance business.
On August 26, Bohai Property & Casualty Insurance Co., Ltd. issued an announcement dated August 21, 2024, stating that in accordance with relevant regulatory provisions on the operation of Internet insurance business, the company has suspended its Internet insurance business. For the insurance contracts that have come into effect, the company will normally perform the insurance liabilities agreed in the contract and provide follow-up services such as claims settlement.
On the same day, Xinjiang Qianhai United Property Insurance Co., Ltd. also issued an announcement stating that the company has suspended the development of new Internet property insurance business. For customers who have already been insured, it will continue to fulfill insurance liabilities in accordance with the contract and protect customer rights and interests.
Previously, Huaan Property & Casualty Insurance, Anhua Agricultural Insurance, Dubang Property & Casualty Insurance and other companies successively issued announcements, announcing the suspension of their Internet property insurance business.
Huaan Property & Casualty Insurance Co., Ltd. stated in the announcement that if there are new insurance purchase needs, you can go to the company's business outlets to consult and purchase; if there are other insurance service needs, you can download the Huaan Insurance official APP to use the online service by yourself or call the customer service hotline for consultation.
Anhua Agricultural Insurance stated that the company will completely stop selling Internet property insurance business from September 1, 2024. Relevant products involving Internet property insurance business will be removed from the company's own platform, the agency's own platform and other channels, and sales will be suspended. The resumption time will be notified separately.
The suspension of sales of Internet property insurance business this time is due to the "Notice on Strengthening and Improving the Supervision of Internet Property Insurance Business" (hereinafter referred to as the "Notice") recently issued by the State Financial Supervision and Administration Administration.
The "Notice" clarifies the entry requirements for property insurance companies other than Internet insurance companies to carry out Internet property insurance business, namely, the comprehensive solvency adequacy ratio is not less than 120% for the last four consecutive quarters, and the core solvency adequacy ratio is not less than 75%; the comprehensive risk rating is B or above for the last four consecutive quarters; and other conditions stipulated by the State Administration of Financial Supervision.
The Notice requires that Internet insurance companies carrying out Internet property insurance business should comply with the relevant conditions of the Internet Insurance Business Supervision Measures, and their solvency and comprehensive risk ratings at the end of the previous quarter should meet the above indicators. Property insurance companies that do not meet the above operating conditions should immediately stop carrying out new Internet property insurance business. If they meet the requirements after rectification, they can resume carrying out new Internet property insurance business.
In addition to the above five companies, companies such as Fude Property & Casualty Insurance, Everest Property & Casualty Insurance, Anxin Property & Casualty Insurance, and Changan Insurance do not meet the above business development requirements.
Among them, Anxin Property & Casualty Insurance is one of the four professional Internet insurance companies in China, established in December 2015. However, the development of Anxin Property & Casualty Insurance is not "safe". In addition to the continuous losses in performance, the company's governance is also relatively chaotic. Previously, many core founding executives have left one after another. As of the end of June, Anxin Property & Casualty Insurance's core solvency adequacy ratio and comprehensive solvency adequacy ratio were both -884.85%, and the comprehensive risk rating for the last two periods was D.
Hu Zhiting, reporter of The Paper
(This article is from The Paper. For more original information, please download the "The Paper" APP)
