In Depth: The Slow-Burning Insurance Crisis Unfolding in the Shadows

Banks and local government debt usually grab the headlines when it comes to risks in China’s financial system. But insurance, a sector traditionally associated with caution and prudence, has quietly turned into a slow-burning crisis for regulators.

A crackdown on risky activities among many private insurers linked to troubled financial conglomerates has failed to stem deepening problems in the sector, many of which erupted in 2017 after a string of scandals and the downfall of the head of the insurance regulator.