China’s Non-life Segment Registered A Review-period CAGR of 21.5% in Gross Written Premium Terms

Date: 2015-09-16

“• China’s non-life segment registered a review-period CAGR of 21.5% in gross written premium terms.

• In April 2014, the Chinese insurance regulator, CIRC, announced that it will allow insurance companies, including China-based foreign companies, to purchase a stake in more than one peer company competing in the same segment.

• The partial relaxation of M&A regulations was in accordance with the government’s policy to liberalize the insurance industry. 

• In May 2012, China’s motor insurance category – the world’s largest – was opened up by the government to allow foreign insurers to sell motor third-party liability insurance.

• The Chinese government has been emphasizing increased urbanization. To expedite the process, the government released the National New-type Urbanization Plan (2014–2020) in March 2014, which stipulates that the country will have 60% of its population living in cities by 2020. 

• With the August 2013 revision in foreign investment laws, an increase in foreign capital inflow is expected over the forecast period.”

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