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…

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…

Since 2009, China has been able to boast a profit in its auto insurance sector, as it experienced a tightening on the regulation of price controls that turned it around after years of losses within the insurance industry as a whole, as 70 percent of its profits were from that sector. Now, China’s State Council is thinking about taking things a step further, with the consideration of a plan that…