Subject category:
Economics, Politics and Business Environment
Published by:
IBS Case Development Center
Length: 11 pages
Data source: Published sources
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https://casecent.re/p/19566
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Abstract
China''s life insurance market is at a fledgling stage and has a tremendous potential with a population of 1.3 billion. In fact, it was only due to the setting up of the China Insurance Regulatory Commission (CIRC) in 1998, that the industry had witnessed a transition from a straggled state of affairs to a methodical one. It was an industry that resisted free foreign entry and thus had very minimal foreign participation until 2001, when China got accession to the World Trade Organisation (WTO). Post WTO entry, experts envisage a depletion in the market domination of the local players. Foreign majors have lined up for the market entry, hoping for a major chunk of the ''big cake''. This case identifies the evolution of the Chinese life insurance industry, its present status and challenges ahead for both domestic and foreign insurers.
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Abstract
China''s life insurance market is at a fledgling stage and has a tremendous potential with a population of 1.3 billion. In fact, it was only due to the setting up of the China Insurance Regulatory Commission (CIRC) in 1998, that the industry had witnessed a transition from a straggled state of affairs to a methodical one. It was an industry that resisted free foreign entry and thus had very minimal foreign participation until 2001, when China got accession to the World Trade Organisation (WTO). Post WTO entry, experts envisage a depletion in the market domination of the local players. Foreign majors have lined up for the market entry, hoping for a major chunk of the ''big cake''. This case identifies the evolution of the Chinese life insurance industry, its present status and challenges ahead for both domestic and foreign insurers.