PwC: Tough times for foreign insurers in China
By Zhou Yan | China Daily | Updated: 2009-09-02 08:05
SHANGHAI: Foreign insurers are less optimistic than a year ago on expanding their presence in the Chinese market as regulatory restrictions and the robust expansion of domestic peers may stifle growth, according to a recent survey by accounting firm PricewaterhouseCoopers (PwC).
Foreign insurers expect their share in the Chinese life insurance market to grow to just 8 percent over the next three years, compared with the 10 percent market share they forecast in a year ago survey.
Foreign life insurers saw their market share falling after clocking an all time-high of 8.9 percent in 2005. The share slumped to 4.7 percent in the first six months of the year.
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