Opening up insurance sector

The German insurer Allianz has been given permission to establish the first wholly-owned insurance holding company in the country, the banking and insurance regulator said in a statement on Sunday.

Over the next decade, China will lead growth in the global insurance market, with its insurance premium scale expected to increase by 14 percent annually according to Allianz, which expects to establish the Allianz (China) Insurance Holding Company Limited in Shanghai in 2019.

Apart from Allianz, the China Banking and Insurance Regulatory Commission disclosed on Sunday that it has approved 10 market entry applications submitted by foreign and joint-venture banking and insurance companies. And it is believed that more foreign companies will follow suit.