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19 January 2017
China is poised to allow foreign companies access to its huge compulsory third-party (CTP) liability vehicle insurance market.
The financial reform was unveiled during last week’s visit to Washington by Chinese VP Xi Jinping, who is widely tipped to be the next Chinese leader.
“China’s just told us it will open the third-party liability auto insurance market to foreign companies,” US VP Joe Biden said.
While foreign companies already operate in China, the CTP market has been restricted to local providers.
The move is expected to open up more opportunities for foreign companies when regulators finally relax the rules later this year.
Observers say Chinese consumers have been unlikely to buy insurance from foreign companies if they then have to buy CTP cover from a local insurer.
And while it’s a potentially huge market, it is also very tough.
The China Insurance Regulatory Commission says local insurers lost 7.2 billion yuan ($1.06 billion) on CTP insurance in 2010 – a 148% increase on the 2.9 billion yuan ($427.18 million) lost in 2009.
The China Daily says there were 770,000 car accidents in China last year in which 110,000 people died and 560,000 were injured.
18 January 2017
To oversee the policy, framework and execution of insurance risk across the Group.
16 January 2017
The Underwriting Risk Manager is primarily responsible for driving the strategic global underwriting initiatives developed at the Group Underwriting Committee and achieving the challenging targets in a timely manner.
16 January 2017
Support the AsiaPac Treasury team in rolling out treasury disciplines across the region including cash management and FX optimisation, and reporting of same.