A corruption probe is only the latest of Chinese insurers’ woes

Conviction rates for high-profile, publicly announced investigations such as this are 100%. One of the biggest tigers of finance so far, Hu Huaibang, the former head of China Development Bank, is imprisoned for life. Another, Lai Xiaomin, the former chairman of a state asset manager, was put to death.

A whirlwind crackdown starting in 2017 at the direction of Xi Jinping, China’s president, put a stop to many of the excesses. The chairman of the industry watchdog was thrown in prison, and the regulatory body was taken over by its banking counterpart. The chairman of Anbang Insurance, which had gone on a foreign-acquisition spree lasting several years, was arrested and his company was bailed out and nationalised, in order to prevent spillovers to the rest of the financial system.

That is starting to make the job of providing insurance harder to do. Products that cover accidents, for example, were until recently a booming corner of the industry. This came to a halt when new rules required insurers either to raise their loss ratios or lower their premiums. Vehicle and health insurance have also faced more red tape and have seen a rapid decline in premiums, too.

Since then, however, agents have become hard to hire and retain. Tighter rules and shrinking premiums have made the job less lucrative for salespeople, who rely on commissions. The pandemic has discouraged in-person meetings and has made it harder to make sales. At the same time, as premiums have become compressed, big insurers have sought to sell higher-value products to wealthier people.

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