Skip to content
26 April 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 April 2017
The successful applicant will be responsible for all ANZ Claims (ie direct) related strategic procurement for bodily injury (ie providers of services relating to health, recovery and injury management) and investigations (ie providers of investigative services).
11 April 2017
Westlawn Insurance Brokers is an established and respected local company with nine branches across Northern NSW. We are looking for an Insurance professional with drive and commitment to join our Lismore team.
11 April 2017
With responsibility for Professional Liability across both Australia and New Zealand, this role will require delivery on product strategy, profitability, growth and efficiency.