China's insurance market has grown significantly since China's accession to the World Trade Organization (WTO).
The sector has steadily expanded to become the third-largest global market in terms of premiums in 2016. Total life and non-life underwritings amounted to more than 466 billion USD in 2016.
The opening of the market has encouraged several foreign players to gain a foothold in the middle empire. At the end of July 2017, investors from 16 countries created 57 insurance companies and opened more than 1 800 offices.
In terms of premiums, the share of foreign players increased significantly to reach 5.19% in 2016. Before China's accession to the WTO, this percentage did not exceed 1%.
This liberalization movement has also developed beneficial competition that has encouraged local actors to improve their services and adopt more modern governance methods.
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