Foreign insurers ramp up expansion

Foreign insurers are stepping up the pace of expansion in China after the regulators loosened foreign ownership restrictions in the insurance business, which analysts said could intensify their competition with local players.

German insurance group Allianz SE is the latest foreign insurer that has submitted the application to set up a wholly foreign-owned insurance group in China, according to the Shanghai Financial Services Office, the city's financial authority.

Allianz confirmed the application and said in a written response to China Daily that it is in talks with the Chinese authorities "to advance its growth agenda in the market".