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China Auto Insurance Market provides challenges to foreign insurers


Monday, June 4th, 2012
News

 

Within China, Global Insurers such as Allianz, Chartis and AXA face challenges for a generation of car owners who are unfamiliar with the concept of purchasing insurance for coverage against motor vehicle accidents.  Although the market is attractive because it is large populous country, 21 foreign insurers only have 1.1% of non-life insurance products in China. Regulations on opening up new branches for foreign insurers  put them at disadvantage compared to local insurers such as Ping An, CPIC and PICC. With a high a high accident rate  (3.9 million accidents in 2010), debateable driving tests and non up to date national databases of accidents from these drivers, foreign insurers have a variety of challenges in one of the worlds fastest growing insurance markets. 

Source: http://www.reuters.com/article/2012/06/04/us-china-autoinsurance-idUSBRE85311P20120604

 



Article by James Jones

The views expressed are the subjective opinion of the article's author and not of FinancialAdvisory.com





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