Ping An’s rainy day policy isn’t insurance
With the coronavirus pandemic sickening millions and disrupting economic activity worldwide, insurers across the globe have seen policy sales stagnate even as claims rise. Market volatility has meanwhile shaken up their investment portfolios.
Extreme weather events driven by climate change and competitive pressures from digital upstarts already had many insurance companies under pressure. Even with a comparatively resilient economy and a robust stock market recovery, Chinese insurers are feeling the squeeze too, particularly as the country wrestles with its worst summer flooding in decades.
Read more: Nikkei Asian Review