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 | | From: | Edmund Fitzgerald | | Subject: | Overseas insurers interested in China's group insurance market | | Date: | Thu, 20 Jan 2005 07:16:57 -0500 |
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 | From:
http://news.xinhuanet.com/english/2005-01/20/content_2485072.htm
Overseas insurers interested in China's group insurance market
www.chinaview.cn
2005-01-20 10:16:25
SHANGHAI, Jan. 20 (Xinhuanet)-- The Shanghai-based joint-venture insurer
Pacific-Aetna Life Insurance Company Limited has recently clinched its first
group insurance deal, the first deal on group insurance in Shanghai won by
an overseas company.
Local insurance experts say the deal marks the opening of China's group
insurance market to more and more overseas insurers, according to China's
promises to the World Trade Organization.
China started to open its domestic group insurance market to overseas
insurers in December 2004, and the Pacific-Aetna Life Insurance Company
Limited became one of the first group joint-venture insurers to be approved
by China's insurance authorities.
A senior staff with the Pacific-Aetna Life said that the approval will
bring the company expanded business in China. Currently the company has
offered insurance services to more than 200,000 individual clients since it
opened in Shanghai six years ago.
Group insurance has always been profitable for international insurance
companies. The US-based Boston Consulting Group predicted that China has a
great potential group insurance market,whose annual insurance premium is
expected to hit 100 billion yuan(12 billion US dollars) in 2006.
The huge market is attracting more and more overseas insurers in China.
China's first joint-venture insurer the Manulife--Sinochem Life Insurance
Company has decided to open a special department to operate group insurance
business.
The Shanghai branch of American International Assurance Co., Ltd has
also prepared more than ten kinds of group insurance products and begun
training its staff.
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