China to open its auto insurance market to foreign insurers next year

China may soon open its doors to foreign auto insurance companies. China is the world’s largest auto market and insurance coverage in mandatory for all drivers in the nation. The country has been closed to foreign companies for decades, but China’s prominent place in the auto market may soon change that fact, according to Jin Jianqiang, chairman of the Insurance Association of China. The change may come as soon as 2012. China’s auto insurance market is valued at $31 billion currently. The market is dominated by Chinese insurance companies, which…

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China is likely to allow foreign companies into its mandatory auto insurance marketplace

The Insurance Association of China’s chairman has announced that the country will likely be opening its doors to the largest auto market in the world to make it possible for foreign companies to enter into the mandatory auto insurance marketplace in 2012. Currently, this auto insurance market of $31.5 billion is entirely led by insurance companies from China, for example, Ping An Insurance and PICC Property and Casualty Co., but regulators are working to bring in a greater amount of competition. Jin Jianqiang, in Taipei, explained that insurers from other…

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