Tuesday, September 19, 2017

Hong Kong, overseas firms seek China entry

Insurers based in Hong Kong and overseas are seeking to enter mainland China’s robust life market, with some seeking licences to operate in the country.

Among those making a beeline into mainland China’s insurance market is FWD Hong Kong, which has applied to CIRC for a life insurance licence.

CIRC says that it is guided by three overriding principles in granting licences. Firms that operate in line with key national policies, maintain a regional balance and focus on professional innovation and development will be given preference.

According to official statistics, the Chinese mainland is one of the largest insurance markets in the world, with a current protection gap estimated at US$18 trillion — and some forecasts claim it could exceed US$46 trillion by 2020.

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