China's MDRT membership is nearly 30% of the world's total
Source: Asia Insurance Review | May 2019
Among the more than 66,000 members of the Million Dollar Round Table (MDRT) worldwide, in 2018 close to 27% of them hailed from China, according to Mr Ross Vanderwolf, MDRT president. This makes China the country with the highest number of MDRT members. Among the top 100 companies worldwide with MDRT members, insurance companies from mainland China accounted for 19 seats, reported China Times.
Among the top 20 companies globally in terms of MDRT membership, there were five insurance companies in mainland China, of which Ping An Life ranked first.
Founded in 1927, MDRT is a global, independent association of the world’s leading life insurance and financial services professionals from more than 500 companies in 69 nations and territories.
Mr Vanderwolf revealed that there was only one MDRT member in China in 1998; less than 1,000 in 2010; 7,450 in 2016; 11,000 in 2017, and 18,000 in July 2018. Meanwhile, applications for MDRT membership from Chinese life insurance practitioners continue to increase.
He said that although the Chinese insurance industry faces challenges such as supervision and digitisation, the overall market is still expanding rapidly. Moreover, China’s middle class is rapidly emerging and their demand for insurance is very strong. A
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