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.
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