Foreign insurance companies that intend to expand businesses into China are mostly concerned about the size of local market and business environment, Sam Radwan, partner and co-founder of the Chicago-based management consultancy Enhance International LLC, said at the Chengdu Global Investment Summit held a few days ago.

By wangg

April 24, 2012, 04:30 PM

　　Abstract: Foreign insurance companies that intend to expand businesses into China are mostly concerned about the size of local market and business environment, Sam Radwan, partner and co-founder of the Chicago-based management consultancy Enhance International LLC, said at the Chengdu Global Investment Summit held a few days ago.

　　Chengdu Channel: The insurance contribution to the local GDP is one of the key factors for insurers to make investment decision in a city, while Chengdu has been very attractive in this regard compared with other Chinese cities, Sam said. “Besides, insurers need to find potential places to invest, as you know, cities like Shanghai are economically advanced but the market there is saturated. While Sichuan was once the most populated province in China and it can generate huge market potential.”

　　“China’s population aging has emerged and will accelerate in the near future, so pension insurance should be of great importance in the country, but unfortunately the insurance services in China are lagging behind”, Sam told the reporter, adding that there are some problems in China’s health care system, when cancer and heart diseases have been the top killers for many Chinese people, but they are not covered by associated insurances.

　　Sam suggested that Chengdu should initiate reform in the sector of pension and health care insurances to accumulate experience for the reform of the whole insurance industry.

　　He also believed that Chengdu will lead China’s new round of economic growth as the engine with the fastest growth in the financial sector.