Thursday, December 14, 2017

Assets of China’s foreign-funded insurers growing

Insurance companies funded by foreign capital registered total assets of more than Rmb1 trillion (about US$150 billion) as of end of July, an official from CIRC said.

According to Chen Wenhui, vice-chairman of CIRC, these insurance firms have become major players in the domestic market.

As of the latest count, China is home to at least 57 insurance companies set up by investors from 16 countries and regions.

These firms operate more than 1,800 branches.

Chen said the presence of local and international players helps improve the structure of China’s insurance market.

The foreign-funded players complement their domestic counterparts, he added.

By end of 2016, market shares of foreign-funded insurance companies had grown to 5.19% from less than 1% in 2001, the year China joined the World Trade Organization.

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