There are two main reasons for the upsurge of foreign insurance investment in China: first, the rapidly growing China market has become a strategic highland that foreign institutions must occupy in the global layout; Second, the financial opening policy actively promoted by China provides opportunities for more foreign-funded institutions to enter the China market.
While the growth of several developed insurance markets is stagnant, China's insurance market is not only the first in Asia, but also the second in the world, and its industry volume is still growing rapidly. In the first half of this year, foreign-funded insurance companies in China realized the original insurance premium income of 6,543.8+0,722,654.38+0.2 billion yuan, a year-on-year increase of 44.79%, showing the strong development momentum of the China market.
Allianz Group, which is preparing for the first foreign insurance holding company in China, continues to expand its business in Asia. It regards China market as one of Allianz's two global strategic markets and a new business growth engine in the future. AXA Group, which achieved 0/00% equity of China's largest foreign property insurance/KLOC this year, also regards China business as an important growth engine of the Group.
From a policy perspective, in the past two years, the China government has accelerated the pace of opening up, and China's banking and insurance industries have launched a number of major opening-up policies. 20 19 in may, the China banking regulatory commission put forward 12 new policies and measures for the opening up of the banking and insurance industries in terms of canceling the restrictions on the ratio of foreign shares, relaxing the market access conditions, broadening the commercial presence and expanding the business scope. 2065438+July 2009, the Office of the State Council Financial Stability and Development Committee once again issued 1 1 new policies and measures, including relaxing the access conditions for foreign-funded insurance companies.
Recently, the "Regulations on the Administration of Foreign-funded Insurance Companies" was revised. The revised Regulations on Foreign-funded Insurance Companies relaxed the access restrictions of foreign-funded insurance companies, canceled the conditions of "having been engaged in insurance business for more than 30 years" and "having established a representative office in China for more than 2 years" for foreign-funded insurance companies, and encouraged more insurance institutions with operating characteristics and expertise to enter the China market. At the same time, foreign-funded insurance group companies are allowed to invest and set up foreign-funded insurance companies in China, foreign-funded financial institutions are allowed to participate in foreign-funded insurance companies, and the State Council insurance supervision and management institutions are authorized to formulate specific management measures to further enrich the types of shareholders of foreign-funded insurance companies and stimulate market vitality.
For foreign insurance institutions, they obviously feel the positive attitude of China Banking Regulatory Commission and China Insurance Regulatory Commission in promoting financial opening-up, and believe that such a signal will greatly help to enhance the enthusiasm of foreign investors to enter the China market, thus further enhancing the vitality of China's insurance market.
Although the proportion of foreign insurance companies in the domestic insurance market is generally small, it presents a different development path from Chinese insurance. Different from the development path of some small and medium-sized Chinese insurance companies, foreign insurance companies generally adhere to the value development strategy. With the continuous release of the open policy dividend in the financial sector, more foreign-funded insurance institutions will make greater efforts to lay out the China market, and the insurance industry in China is expected to present a richer and more diversified development ecology.
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