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Foreign insurers鈥 share to stay flat
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FOREIGN-INVESTED insurance companies in China expect to see flat market share in the coming years as regulations continue to be a major obstacle to their expansion, an Ernst & Young survey showed yesterday.
Foreign life insurers saw regulations and competition from domestic insurers as their biggest challenges to expand in China while property and casualty insurers said personnel issues and regulations were their main concerns, EY said in the survey that covered 27 foreign-invested life and property insurers operating in China.
But most respondents do not foresee tighter regulations going forward, the survey said.
The respondents predicted an average 20 percent annual premium growth for their life insurance business in the next three years and around 15 percent for the property sector, the survey found.
Ten out of 12 life insurers expect foreign life insurers to take a combined market share of below 4 percent in 2017, compared with 5.6 percent recorded by the end of last year.
Property and casualty insurers also expect a combined market share of below 4 percent in 2017. The figure rose to above 2 percent this year due to several foreign takeovers of domestic property insurers, said Brian Metcalfe, co-author of the report and associate professor of marketing at Brock University, Canada.
In February, France-based AXA said it would buy a controlling 50 percent of Tianping Auto Insurance Co, and US-based Starr Companies in June acquired Dazhong Insurance and renamed it Starr China Property and Casualty Co.
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