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Foreign insurers develop quickly in China

By Shangguan Zhoudong (chinadaily.com.cn)
Updated: 2007-01-08 08:44

Related publication: Related readings: More foreign insurance giants invest in China Foreign insurance firms fall short on tax Foreign insurers' market share increases to 6.92% Higher threshold for foreign insurers to enter China Foreign insurers no threat to market

According to statistics from theChina Insurance Regulatory Commission(CIRC), there are currently 47 foreign insurance companies from 15 countries in the Chinese mainland. Also, more than 135 insurance institutions have set up over 200 representative offices in the Chinese mainland.

As of the end of October 2006, the insurance premiums collected by foreign insurance companies increased to 34.12 billion yuan (US$4.37 billion) from 3.33 billion yuan five years ago, and the market share of foreign insurance companies in terms of premiums increased to 6.92 percent, 5.34 percentage points higher than that prior to China's entry into the World Trade Organization (WTO).

Foreign insurers' market shares inBeijing,Shanghaiand Shenzhen cities, andGuangdongProvince reached 19.43, 17.37, 10.14 and 8.86 percent, respectively.

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The full text is available in the January Issue ofChina Insurance.