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.
The views expressed are the subjective opinion of the article's author and not of FinancialAdvisory.com
SHARE THIS ARTICLE :allianz, car insurers, chartis, china insurance, foreign insurers, insurers