Foreign insurers’ market share in the Chinese market has more than doubled over the previous decade because the nation has been opening up the business, in line with the president of (*10*) Association of China (IAC).
Foreign insurers’ market share has elevated from 3.5% in 2012 to 7.8% in 2021, mentioned Ms Yu Hua, IAC president. Their market share in key cities resembling Beijing and Shanghai has exceeded 20%, reported China Daily.
Over the previous 10 years, the mainland Chinese insurance market has boomed. China’s insurance sector noticed premium revenue leap from CNY1.55tn ($224.6bn) in 2012 to CNY4.49tn in 2021, and its proportion of the worldwide market additionally jumped from 5.34% in 2012 to 12.2% in 2021.
