It specialises in trade credit and industrial insurance field, covering such areas as property, aerospace and energy. Obviously, China's huge market holds great promise for foreign investors. Nevertheless, the fledgling insurance industry still lags behind other sectors. At the moment, the Chinese government is not committed to a specific timetable for the full opening of the insurance market. Currently, foreign insurance providers are allowed to underwrite for foreign companies in Mainland China.
China plans to open up the insurance market with caution.
Because the Chinese government is treating the insurance industry as part of the financial sector, authorities are handling the opening of the market with care. As a result, it is as difficult for foreign insurers to venture into the Chinese market as it is for foreign banks to extend the scope of their operations in Mainland China. In addition, the expectations of the Chinese government and foreign insurers are quite different. Meanwhile, although the Chinese government does not want insurance transactions in renminbi, it is not ready to fully open its insurance market in foreign currencies. In addition, the Chinese government believes that a company needs substantial financial resources to operate an insurance firm.