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Regulations, competition to curb foreign insurers' growth despite China boom
By Feng Jianmin |
December 5, 2011, Monday
|
Online Edition
Online Edition
THE expansion of foreign insurers would be limited in the robust Chinese market over the next three years due to tough regulations and strong competition from domestic players, an industry survey revealed.
Increasing competition from domestic insurers and the war for talented labor were factors posing the greatest challenges for foreign life companies, and China's tight regulatory environment was the top concern for property and casualty counterparts, PricewaterhouseCoopers said in the survey results today.
The survey was based on interviews with senior executives of 28 foreign insurance companies conducted during August and September.
Foreign insurers may take up a 3.7 percent market share in the life insurance sector in 2011 and 1.1 percent in the property and casualty sector.
Their market share is expected to remain stagnant in the next three years, when China's insurance market is foreseen to boom.
Seven life respondents estimated premium growth to grow 50 percent by 2014, and majority of property and casualty companies estimated annual premium growth to be between 15 to 50 percent in the next three years.
But foreign companies said that wider usage of the Chinese currency globally may help them build up market share by developing more products and investment opportunities.
Increasing competition from domestic insurers and the war for talented labor were factors posing the greatest challenges for foreign life companies, and China's tight regulatory environment was the top concern for property and casualty counterparts, PricewaterhouseCoopers said in the survey results today.
The survey was based on interviews with senior executives of 28 foreign insurance companies conducted during August and September.
Foreign insurers may take up a 3.7 percent market share in the life insurance sector in 2011 and 1.1 percent in the property and casualty sector.
Their market share is expected to remain stagnant in the next three years, when China's insurance market is foreseen to boom.
Seven life respondents estimated premium growth to grow 50 percent by 2014, and majority of property and casualty companies estimated annual premium growth to be between 15 to 50 percent in the next three years.
But foreign companies said that wider usage of the Chinese currency globally may help them build up market share by developing more products and investment opportunities.
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