A report released by China’s insurance and banking regulator and Bloomberg Intelligence showed that the country’s life insurance sector is poised for ten-fold growth by 2030, as the Chinese government opens up the financial market.
The report said the country’s life insurance sector, which has seen premiums advancing for six straight years, will continue its solid performance.
In the years ahead, the best performers are likely to be those that already have one foot in the door, the report said.
Currently, existing players in China’s life sector include AIA and bank-affiliated insurers such as ICBC-AXA, and BoCommLife.
Steven Lam, a Bloomberg Intelligence insurance analyst in Hong Kong, said these existing players will deploy more resources to ramp up their businesses.
New entrants, he said, will only be able to contribute to the mix after 2020.
Chinese officials have set a June 30 deadline to ease ownership and business restrictions for banks, securities firms, asset managers, and life insurers.
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