Big data a possible answer to insurer losses in China
Tuesday, 05 26 2015, Category: Insurance and Reinsurance, Country: China
With a trial program to relax regulatory restrictions on car insurance to be introduced in six Chinese province-level regions, industry insiders said a lack of data analysis remains the main reason behind losses in such policies, according to the Economic Information Daily.
Under a trial program to be launched in June, insurers will no longer follow pricing set by regulators and can set higher premiums for higher-risk car owners.
The insurance reform comes at a time when the majority of insurers selling car insurance policies, both local and foreign, face losses in this area of business, the paper said.
Source: Want China Times