Magazine date:
Jun 2013 The Chinese market is undertaking a reform of its motor insurance. The supervisory authorities have recently held a national conference explaining the reasons behind this change that will take place next September. The aim is the free fixing of tariffs in this class of business.
This measure will have an impact on insurance companies, especially with a rise in claims costs, increased commitments, higher demands from the insured and a price war. Insurers, complying with the new rules imposed during a period of three to four years, will be entitled to determine their own tariffs for motor insurance.