The three largest insurers of the market are facing a fierce competition

According to China Insurance Regulatory Commission (CIRC), the three largest market operators, that is, PICC Property & Casualty, China Ping and Property Insurance, and China Pacific Property Insurance, may have lost about 10% in market shares. The three companies alone, which used to control 89% of the premium volumes in 2003, are now faced with growing competition due to the arrival of new insurers.

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