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Best’s News & Research Service - April 08, 2016 10:08 AM (EDT)

China’s Regulator Rolls Out First Insurance Consumer Confidence Index

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BEIJING //BestWire// - The China Insurance Regulatory Commission has rolled out the first insurance consumer confidence index in a bid to promote the sector’s improvement in services and product quality.

China’s insurance consumer confidence index stood at 69.2 in 2015, said the CIRC in a statement. This shows a higher than the market average level in China, reflecting insurance sector’s steady improvement in operation efficiency and quality.

The introduction of this index aims to push insurance companies for operational changes riding on consumer demand. The CIRC said this will enhance insurers’ obligation to protect consumer interests.

In January, the CIRC announced the introduction of an index system for the assessment of insurance services and functions to enhance the industry’s role in the country’s social and economic development. With a scientific and structural evaluation system, the CIRC said in a statement this index offers a quantitative assessment and it also implements the government’s directive on modernizing insurance (Best’s News Service, Jan. 15, 2016).

The regulator has implemented several statistical indices for the evaluation of insurance companies’ business services and functions in March. Insurance companies are required to submit statistical reports for export credit insurance, micro-enterprise insurance, small amount life insurance, technology-related insurance and reserves related to natural catastrophe insurance and agricultural natural catastrophe insurance, as part of the regulator’s move to establish an index system for quantitative measurement of the industry’s business functions. Insurers also need to report the amount of their charity funds, said the CIRC in a statement (Best’s News Service, March 10, 2016).

(By Iris Lai, Hong Kong bureau manager: Iris.Lai@ambest.com)



Regulation Indexation Consumerism China


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