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Secrets of Success: Six Executives Discuss How to Prosper in the Fast-growing Insurance Market in China

time:2009-11-01 source:Best’s Review

 Six executives discuss how to prosper in the fast-growing insurance market in China.


by Sam Radwan


Many insurers view Greater China as a golden opportunity. However, after conducting business for a few years in China’s evolving business market a few U.S. and European insurers have exited China, but others are entering the sector for the first time and still others are re-entering the market.


The lure of this growth market guarantees that foreign interest will not wane. The views of chief executive officers in the region shed light on how insurers can create sustainable growth, with a focus on market dynamics, distribution, regulation, culture and service.


Insurance in mainland China is witnessing strong growth. For example, today only 2% of the population owns a vehicle, according to China Daily, but ownership is forecast to grow at a rate of more than 20% annually for the next five years, predicts data aggregator Research and Markets. However, with agent commissions sometimes exceeding 25% along with fierce price competition, turning a profit is a major challenge.

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