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As local rivals prove stronger in China, life insurance companies expect their share to linger around the current five percent by 2013. At the same time, casualty and property insurance companies have no hopes of an increase in their one percent share of the market. The survey released on Thursday was conducted by PricewaterhouseCoopers (PwC) LLP and included 31 overseas insurers.
Most overseas insurance companies, including American International Assurance Co. have lower hopes of penetrating the local market than they had in 2008, when life insurance companies expected their share to double from 5 to 10 percent the following year. Moreover, in the first nine months of this year China’s second-biggest non-life and life insurer Ping An Insurance Group Co. expanded premium income by 41 percent – just slightly slower than the 42 percent growth of its foreign rivals.
According to Tom Ling, a PwC partner, foreign life insurance companies had no success in gaining traction and increasing their market share. However, foreign life insurance companies said they will stay committed to local operations for the growth potential. Also, the survey shows that 18 companies believe their head offices have a more “positive stance” toward the Chinese market now than they did before the global financial crisis. Still, most life insurance companies and property insurance firms had no choice but to lower their expectations and forecasts for the time being, hoping for a better market share after 2013
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