Foreign insurers expanding presence

Nation has become world's second-largest insurance market after the US thanks to reform and opening-up policies

Foreign insurance companies have witnessed rapid growth of business in China over the past 70 years, as the country has expanded market access for foreign investors, especially in the financial services sector.

Tracing its roots back to 1919 in Shanghai, when entrepreneur Cornelius Vander Starr began an insurance business, AIA applied for a life insurance license in China in 1990.