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PwC says foreign insurers worry about China market share
By Zhang Fengming |
November 25, 2010, Thursday
|
Online Edition
Online Edition
FOREIGN insurance companies expected a stagnant market share growth in China in the next few years, PricewaterhouseCoopers said today, citing results of its survey.
Thirty-one foreign insurers that participated in this year's survey dramatically lowered their expectations of any increases in market share for 2010 and for the next three years, PwC said.
Overseas life companies expected their share of the Chinese insurance market to continue to hover at the current level of 5 percent in 2013, while property and casualty insurers' slice of the pie was expected to remain at around 1 percent in three years, the accounting firm said.
China's highly regulated environment and the rising influence of domestic players are forcing foreign insurers to re-gauge their business models and their positions, according to the survey.
"Foreign insurance companies operating in China have tried in vain to gain traction and increase their market share," said Tom Ling, a PwC partner in charge of insurance business. "Established domestic insurers and the aggressive geographic expansion of the smaller insurers are giving the foreign players a run for their money."
Thirty-one foreign insurers that participated in this year's survey dramatically lowered their expectations of any increases in market share for 2010 and for the next three years, PwC said.
Overseas life companies expected their share of the Chinese insurance market to continue to hover at the current level of 5 percent in 2013, while property and casualty insurers' slice of the pie was expected to remain at around 1 percent in three years, the accounting firm said.
China's highly regulated environment and the rising influence of domestic players are forcing foreign insurers to re-gauge their business models and their positions, according to the survey.
"Foreign insurance companies operating in China have tried in vain to gain traction and increase their market share," said Tom Ling, a PwC partner in charge of insurance business. "Established domestic insurers and the aggressive geographic expansion of the smaller insurers are giving the foreign players a run for their money."
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