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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Forced place insurance for businesses in Austrailia

In light of the recent disasters befalling the nation, the Australian government may be setting up an inquiry to determine whether states should be forced to purchase commercial insurance policies to cover natural disasters. Legislators are currently pushing to pass a $1.8 billion deal that would help reconstruct levees. The possibility of an inquiry was raised when Treasurer Wayne Swan suggested that there “legitimate questions” about what states had done regarding insurance. Swan said that “it is probably timely for us to evaluate all of those questions, to have a…

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