www射-国产免费一级-欧美福利-亚洲成人福利-成人一区在线观看-亚州成人

US EUROPE AFRICA ASIA 中文
Business / Markets

Filling China's insurance gaps

By Diao Ying (China Daily) Updated: 2012-10-29 14:02

Filling China's insurance gaps

The Shanghai office of Lloyd's. Specialty insurers from Europe are finding huge potential in China. Yong Kai / for China Daily 

Western companies see huge opportunities in rapidly expanding specialist areas of business

China is home to some of the largest insurers in the world, but with the industry still at a nascent stage, huge opportunities remain.

While premium income from insurance was 1.43 trillion yuan ($230 million; 180 billion euros) last year and total assets of the industry were 5 trillion yuan, there remain major gaps in coverage.

Specialized areas including agriculture and disaster insurance have yet to take off. And extreme niches found in developed markets are unheard of.

Now specialist insurers from the West are on the way to fill the gaps, looking to profit from China's growth by providing their experience and expertise.

Lloyd's, the world's largest specialist insurer is among them. It aims to increase its China business faster than the country's GDP growth in the coming years, says the company's chairman, John Nelson. It also plans to develop Shanghai into one of its international centers for insurance and reinsurance.

Opportunities for foreign insurers have emerged as a result of China's fast-growing economy. This is particularly true of less developed areas of the country and industries more prone to natural disaster, such as agriculture. The China Insurance Regulatory Commission, the nation's insurance regulator, said in July that it will speed up efforts to improve insurance coverage for agriculture and disaters.

Insurance is one of Britain's largest industries, employing 350,000 people, 50,000 in London alone, and contributing 2.5 percent of the country's GDP. In China, by comparison, insurance is largely underdeveloped, but is growing rapidly. According to the 12th Five-Year Plan (2011-15), China's insurance industry premium income is set to reach 3 trillion yuan and the industry's total assets 10 trillion yuan by 2015.

Lloyd's has its roots in Edward Lloyd's coffee house in London where ship owners met to make insurance deals 300 years ago. Since then it has insured property and personal wealth against war, disaster and accidents. Among its most notable insurance deals was the ill-fated Titanic.

The company's China footprint is fairly recent. Lloyd's opened its first China office in Shanghai in 2007 and received a license to provide direct insurance in the country last year.

Lloyd's business model is new to China. In a world where most business is conducted electronically, it provides a market where insurers and brokers meet face-to-face, in an atmosphere of both cooperation and competition. Around the company's London headquarters, men and women in dark business suits carrying thick files abound, flitting between deals to insure anything from oil rigs to celebrity body parts.

Its biggest strength in China, says Richard Ward, chief executive, is that it can insure complex risks that other players do not know how to.

"If you want to insure a satellite launch, we know how to do that; if you want to insure property against earthquake risk, we know how to do that.

"We are not going to compete with the People's Insurance Company of China in the local market for motor insurance, or China Pacific Insurance Group for property," says Ward.

"We are competing for the more complex risks when you need special skills."

The growth potential of the Chinese insurance market is both attractive and challenging, he says.

"The market in China is highly competitive, to the extent that we worry about the profitability of business," he says.

Nelson says moving too fast in a developing market can be dangerous.

"It is better to write no business than to write unprofitable business. That is the message we are giving our team in China," he says.

Previous Page 1 2 Next Page

Hot Topics

Editor's Picks
...
主站蜘蛛池模板: 中国美女一级看片 | 成人爱爱网站在线观看 | 99在线精品免费视频九九视 | 手机看片1024精品日韩 | 国产九区 | 亚洲精品14p| 精品久久久久久久久久久久久久久 | 亚洲视频中文字幕在线 | 美女双腿打开让男人桶爽网站 | 91香蕉嫩草 | 亚欧色 | 日韩精品一区二区三区毛片 | 美女被躁爽死 | 97在线视频免费 | 韩国一级毛片视频 | 香港台湾经典三级a视频 | 日韩一级特黄毛片在线看 | 日本精品一区二区三区视频 | 日本黄网站高清色大全 | 日本免费人成黄页在线观看视频 | 成人欧美视频 | 亚洲羞羞裸色私人影院 | 欧美特黄高清免费观看的 | 亚洲成a人在线播放www | 手机看片神马午夜片 | 免费永久在线观看黄网 | 99在线免费观看视频 | 欧美一级片在线播放 | 在线综合视频 | 老人久久www免费人成看片 | 中文字幕国产专区 | b毛片| 免费一级欧美性大片 | 香蕉超级碰碰碰97视频蜜芽 | 国产精品国产三级国产普通 | 在线观看欧美一区 | 一区二区三区四区视频在线 | 欧美高清强视频 | 99久久99热久久精品免费看 | 欧美一级毛片一级 | 国产老鸭窝毛片一区二区 |