Allianz, first 100% foreign-owned insurance company in China

AllianzOn November 14, 2019, Allianz (China) Insurance Holding, the largest wholly foreign-owned insurer, announced that it had received approval from the Insurance Regulatory Commission to operate in China.

In an effort to boost the liberalization of financial markets, the Chinese government has completely removed the constraints imposed on foreign companies relative to the investments in the insurance sector. Foreign companies can henceforth own 100% of a local insurance company.

Currently, 12 wholly-owned groups control 70% of China's insurance premiums which amounted to 3 800 billion Yuan (567 billion USD) in 2018.

Read also | China opens borders to foreign banks and insurance companies

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