Insurers facing their tarnished image

Chinese regulators (CIRC) issued a directive requiring insurance companies to consider the possible deterioration of their image. Under the new law, the company’s board of directors is responsible for the deterioration of the image of the insurer.

The Directive contains 33 clauses requiring directors to implement a management system for this risk, which includes training employees, establishing internal rules, defining a specific accounting system and updating databases. This decision was taken following the 30% increase in policyholders’ grievances.