Chinese insurers have significant risk management deficiencies - watchdog | Reuters

BEIJING Chinese insurance firms have significant risk management deficiencies, as they overly focus on asset management for profits and growth, a senior official at China's insurance watchdog said on Saturday.Vice chairman Chen Wenhui of the China Insurance Regulatory Commission (CIRC) said at a forum in Beijing that the insurance industry was 'incorrect' in prioritising asset management over risk management. 'Risk management capabilities are insurance firms' core competency, not asset management,' financial publisher Caixin quoted him as saying.

Reuters December 03, 2016 22:15:07 IST
Chinese insurers have significant risk management deficiencies - watchdog
| Reuters

Chinese insurers have significant risk management deficiencies  watchdog
 Reuters

BEIJING Chinese insurance firms have significant risk management deficiencies, as they overly focus on asset management for profits and growth, a senior official at China's insurance watchdog said on Saturday.Vice chairman Chen Wenhui of the China Insurance Regulatory Commission (CIRC) said at a forum in Beijing that the insurance industry was "incorrect" in prioritising asset management over risk management.

"Risk management capabilities are insurance firms' core competency, not asset management," financial publisher Caixin quoted him as saying.

(Reporting by Yawen Chen and Ben Blanchard; Editing by Clelia Oziel)

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