Foreign non-life ventures maintain 1.7% market share
Source: Asia Insurance Review | Jul 2019
Foreign insurers managed to cling to a market share of 1.7% in China’s non-life market for the first four months of this year, similar to the share obtained for the corresponding period of 2018, according to data from the CBIRC.
There were 88 insurance companies operating in the non-life market at the end of April this year, of which 66 were domestic insurers. In comparison, at the end of April 2018, there were 87 non-life insurers in the market, of which 65 were locally owned.
While motor insurance was the largest line of business for both domestic and foreign owned insurers, the latter were less reliant on auto business which contributed 34% of their total premiums during the first four months. On the other hand, motor accounted for 58% of the combined premiums of domestic insurers.
The following table shows the business breakdown, in terms of premiums, of domestic and foreign owned non-life insurers:
The above news story is taken from Asia Insurance Review’s unique eWeekly China newsletter.
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