Foreign Investors Took 25% Chinese Insurance Market Share

 Foreign investors have captured 25% of the Chinese insurance market share, said Chen Wenhui, assistant to chairman of China Insurance Regulatory Commission, on May 20, 2011

By 2010, the number of foreign insurance companies in Mainland China has hit 52, including 19 property insurance companies, seven life insurance companies and 10 insurance agencies. The number of Chinese insurance companies has been 164.

As of the end of last year, total premium revenue and assets of foreign insurance companies have hit CNY 63.4 billion and CNY 262.1 billion, surging 19 times and 29.3 times over the figure before China joined in the World Trade Organization (WTO). Overall market share held by the foreign insurance companies hit 4.4%, including 17.9%, 16.3%, 8.2%, and 7.9% in cities that opened earlier to foreign investors, such as Shanghai, Beijing, Guangdong and Shenzhen. The number of Chinese insurance companies, in which foreign investors hold a less than 52% stake, has been 25.