Past, Present, and Future Insurance Markets and Regulations in China

Abstract

China’s insurance industry has made an eye-catching achievement in the world during the past three decades of reform and opening up. The numbers of insurance companies, insurance asset management companies, specialized insurance agencies, and insurance practitioners have all increased significantly. The insurance market took the lead in opening to foreign participants and establishing a modern insurance regulatory system. The insurance industry has also played an increasingly more important role in social and economic development, which has, in return, further expanded room for development of the industry.