Foreign insurers turn to health, retirement for growth in China

Foreign insurers are hunting for opportunities in China's retirement and healthcare sector, with the two sectors fast becoming integral for the sustained growth of the insurance industry in the nation.

"If you look at China's national social agenda, it's really around retirement and health. Those are the kind of things that excites not only us but also every insurance company," said Alex Kimura, chief strategy officer for Asia at UK-based insurance giant Aviva.

Given the aging population in China and the way the country has been managing the retirement and the pension system, there are a lot of growth opportunities for private insurers, said Kimura, who also sees a growth trend in multi-generation management of insurance in China, which is related to retirement and the adoption of the nation's second-child policy.