Foreign-funded insurance companies report higher assets in China

Source: Xinhua| 2017-10-02 20:39:28|Editor: Yang Yi
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BEIJING, Oct. 2 (Xinhua) -- Foreign-funded insurance companies have posted a total asset of more than one trillion yuan (about 150 billion US dollars) by the end of July this year, becoming important players in China's insurance market, said an official.

The 57 insurance companies established by investors from 16 countries and regions have set up more than 1,800 branches, according to Chen Wenhui, vice chairman of China Insurance Regulatory Commission (CIRC).

These companies and their Chinese peers complement each other's advantages and help improve the structure of China's insurance market, Chen said.

The market shares of foreign-funded insurance companies have expanded to 5.19 percent by the end of 2016 from less than 1 percent in 2001 when China entered the World Trade Organization, said Chen.

The CIRC would further optimize the regulatory environment and encourage foreign-funded companies to expand their business in health insurance, endowment insurance and catastrophe insurance, he said.

China also hoped to attract more excellent foreign insurance companies to prompt market competition, he said.