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China Insurance Company - we will discuss the return of the insurance companies in china.insurance has become a very important requirement in the country.because people in china have started to realize the importance against insurance. on himSince American International Group , Inc. received the first foreign insurance license in 1992 , foreign insurance companies P & C has gradually established a visible presence in China . Unlike foreign life insurance companies , foreign P & C insurers are not required to form joint ventures with domestic partners . At the end of 2010 , China had licensed insurance P & C P & C 20 foreign companies from 9 countries and regions ( see Table 2 ) .
Foreign P & C insurers are concentrated in the first level cities such as Beijing , Shanghai , and Guangzhou and Shenzhen , Guangdong . In 2009 , premiums generated by the P & C insurance foreigners in four cities accounted 63.4 percent of total foreign premium P & C insurers ' in China , according to the CIRC .
After years of rapid growth , China's insurance market has entered a phase of transition . After two decades of unprecedented expansion , insurance and Chinese regulators are now focusing on stability and improve risk management . Although it still faces many multinational insurance business , regulatory , and cultural challenges in China , there are still real opportunities in this changing market . In particular , there is a proliferation and underserved middle class that requires a wide range of coverage , from basic properties and survivors , health , and retirement . In addition , multinational insurers have a real competitive advantage over their Chinese counterparts , especially in business management , underwriting , product development , claims , technology , distribution and channel management , risk management , financial reporting , and customer service .
Due to regulatory constraints , most of the foreign insurance companies entering the P & C China before 2006 was established as a subsidiary branch is not a legal entity . Most of them , however , is converted into a subsidiary legal entity ( or a wholly foreign-owned enterprises [ WFOEs ] ) in 2007 , after China began allowing foreign P & C companies to build WFOEs as part of the World Trade Organization ( WTO ) commitments .
The companies that best capture the opportunities of this transition stage will be the ones who enjoy significant long-term success in China in the coming years and the insurance companies are spread across the country china has a very vital role in handling insurance issues in the country
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After years of rapid growth , China's insurance market has entered a phase of transition . After two decades of unprecedented expansion , insurance and Chinese regulators are now focusing on stability and improve risk management . Although it still faces many multinational insurance business , regulatory , and cultural challenges in China , there are still real opportunities in this changing market . In particular , there is a proliferation and underserved middle class that requires a wide range of coverage , from basic properties and survivors , health , and retirement . In addition , multinational insurers have a real competitive advantage over their Chinese counterparts , especially in business management , underwriting , product development , claims , technology , distribution and channel management , risk management , financial reporting , and customer service .
Due to regulatory constraints , most of the foreign insurance companies entering the P & C China before 2006 was established as a subsidiary branch is not a legal entity . Most of them , however , is converted into a subsidiary legal entity ( or a wholly foreign-owned enterprises [ WFOEs ] ) in 2007 , after China began allowing foreign P & C companies to build WFOEs as part of the World Trade Organization ( WTO ) commitments .
The companies that best capture the opportunities of this transition stage will be the ones who enjoy significant long-term success in China in the coming years and the insurance companies are spread across the country china has a very vital role in handling insurance issues in the country
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