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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