China’s insurers continue to enhance risk management awareness with strong SARMRA score

Written by Adam Cadle

11/05/2023

Chinese insurance companies continue to enhance their risk management awareness, strengthen their responsibilities for risk management, and make continuous progress in risk management, according to the Solvency Risk Management Requirements and Assessment (SARMRA) conducted by the CBIRC, with an average score of 77.44 points recorded.

The CBIRC conducted SARMRA on-site assessments on 70 insurance companies, including 27 P&C insurance companies, 31 life insurance companies, eight reinsurance companies, and four group companies. The average score was an increase of 1.41 points from the previous assessment.

PICC Group, CPIC Group, Ping An Insurance Group and China United Group were evaluated for the first time. Among the remaining 66 companies, 40 companies scored higher than the previous assessment accounting for 60.6%; 26 companies scored lower, accounting for 39.4%. In terms of scores, 29 companies scored above 80, accounting for 41.4 %; 34 companies scored between 70 and 80, accounting for 48.6 %; seven companies scored below 70, accounting for 10 %.

P&C insurance companies, life insurance companies and reinsurance companies recorded an average score of 74.89 points, 78.7 points, and 79.73 points respectively, which were 2.56 points, 0.1 points, and 1.11 points higher than the previous evaluation.

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