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Xinhua Silk Road
News for Outlets

Foreign insurers continue to benefit from China's financial opening-up

February 24, 2021


Abstract : Foreign-funded insurers continued to benefit from China's financial opening-up, with their premium income in 2020 exceeding 352.44 billion yuan (about 54.58 billion U.S. dollars), up 12.43 percent year on year, 6.8 percentage points higher than that of their Chinese counterparts, reported Shanghai Securities News on Wednesday.

Shanghai night.png

Photo taken on Nov. 12, 2020 shows the night view of the Lujiazui area of Pudong, east China's Shanghai. (Xinhua/Wang Xiang)

BEIJING, Feb. 24 (Xinhua) -- Foreign-funded insurers continued to benefit from China's financial opening-up, with their premium income in 2020 exceeding 352.44 billion yuan (about 54.58 billion U.S. dollars), up 12.43 percent year on year, 6.8 percentage points higher than that of their Chinese counterparts, reported Shanghai Securities News on Wednesday.

Of the total, the premium income of foreign-funded life insurance companies stood at 317.67 billion yuan last year, an increase of 13.27 percent on a yearly basis, while foreign property insurers saw their premium income grow by 5.31 percent to 34.77 billion yuan, according to the latest data.

Foreign insurers have gained a larger share of 7.79 percent in China's insurance market in 2020, while in major cities like Beijing and Shanghai, their market share has already exceeded 20 percent.

China's top insurance regulator started to invite public opinion on a revised regulation in January, which clarified that the domestic and foreign insurers will be able to conduct business under the same rules.

(Edited by Li Shimeng with Xinhua Silk Road, lishimeng@xinhua.org)

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Keyword: insurance financial opening-up

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