China: Market share of foreign-owned insurers inches upwards in 2020
Source: Asia Insurance Review | Mar 2021
Foreign-owned insurance companies in China posted an aggregate premium income of CNY352.4bn ($54.6bn) in 2020, representing a market share of 7.79%. This was an increase of 0.62% over 2019 and comes in light of China’ liberalisation policy. Since 1 January 2020, foreign insurers have been allowed to operate wholly owned life insurance companies in China.
By class of business, the premium income of foreign owned life insurance companies was CNY317.6bn last year, representing a market share of 10.3%. This accounted for 90.1% of the total premium of foreign owned insurance companies last year.
In contrast, the premium income of foreign owned P&C insurance companies in 2020 stood at CNY34.8bn with a market share of 2.56%. P&C business accounted for only 9.9% of the aggregate premium income of foreign owned insurers in 2020. A