China View
www.chinaview.cn
Jan. 14, 2005
Overseas firms move on group insurance market
Foreign insurers are making rapid headway in China’s lucrative group insurance market, displaying strong competitiveness in this newly opened sector.
Honouring pledges it made upon joining the World Trade Organization in 2002, China lifted all geographical and business scope restrictions on foreign insurers in December, opening key businesses such as group insurance, health insurance and annuities.
There are currently 18 Sino-foreign insurance joint ventures like AVIVA-COFCO operating in China. By mostly partnering with leading local companies, these foreign insurers have gained a major foothold in the lucrative group insurance market, analysts say.
Such a model is likely to prove a powerful weapon for joint venture insurers in China’s group insurance market, and may greatly change the market’s landscape in a couple of years, they say.
http://news.xinhuanet.com/english/2005-01/14/content_2457810.htm
Comment: “… lucrative…” I’ll bet it is.