Competition good for overall market

Comment

Insurance is one of the areas that opened the most extensively to the world after China joined the World Trade Organization (WTO) in 2001.

By the end of 2010, foreign insurers had entered various fields: 31 in life insurance, 25 in property and casualty insurance, six in reinsurance, and four in brokerage. The number of foreign insurance institutions is 40 percent higher than domestic insurers.