China to facilitate market access to foreign insurers

Updated 2017-09-07 09:30:46 Global Times

China will continue to welcome foreign insurers, and optimize supervisory environment and facilitate market access, according to a post on the website of China Insurance Regulatory Commission (CIRC) on Wednesday.

Foreign companies are encouraged to participate in China's insurance market more proactively, and develop in industry sectors such as healthcare, pension and disaster insurance, Chen Wenhui, vice chairman of the CIRC, told a symposium on serving the real economy that was attended by 10 foreign insurance companies on Tuesday.

A total of 57 insurance companies from 16 countries and regions have established business in the Chinese mainland so far, with more than 1,800 branches at all levels, according to the post. All Fortune 500 foreign insurance companies have entered the Chinese mainland market.

By the end of July, foreign insurance companies' total assets increased from 3 billion yuan (7.87 million) to over 1 trillion yuan (2.95 billion), the post revealed.

Chen said foreign insurers should be confident of their growth and should be willing to adjust their business strategies and management styles, to play a role in risk protection and long-term saving.

Jin Baisong, an independent economist, said that there is an enormous potential for China's insurance industry to open up.

"To better serve the real economy, it's important to be inclusive to both private and foreign investment," Jin told the Global Times Wednesday.

Jin suggested launching some pilot joint ventures in both life and property insurance. When it comes to sector selection, Jin believes the core and primary sectors should be selected according to the situation in China. Further opening up China's insurance industry will also help China's economic growth, Jin added.

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