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AM Best has upgraded its outlook for the Chinese non-life insurance market from negative to stable.
The decision came following a 20% increase in the net profit generated by all non-life insurers in Q3 2022.
This performance was driven by an improvement in the underwriting performance as a result of the decline in natural catastrophe frequency and the Covid-19-related economic downturn that resulted in a lower accident rate.
In the first ten months of 2022, P&C insurance companies recorded a turnover of 1.25 trillion CNY (179 billion USD), representing a 10% increase over one year.