As China opens up its insurance market to foreign investment, homegrown insurers are likely to benefit from the incoming competition, according to an industry report by GlobalData.
The report showed that the GWP of the Chinese insurance industry, which was at US$195.65 billion (SG$260 billion) in 2020, is expected to reach US$259.97 billion in 2024. China is also poised to become the largest insurance market in the world soon, overtaking the United States.
Among the foreign insurers looking to make a splash in the Chinese market is Allianz, which now fully owns Allianz (China) Insurance Holding Co. The company aggressively