Conclusion

The insurance market in China will undoubtedly continue to expand rapidly on the strength of large unsatisfied demand; steady economic growth; enhanced consumer awareness; continuous enterprise reform; improving market order and increased competition and committed market access to foreign participation by the government. However, excessive optimism must be tempered by the fact that, apart from market access, there are a host of other factors that will complicate the competitive situation “ such as irregularities “ that may occur along the road to open competition, resistance from the previous oligopolistic state-owned insurance companies and unique characteristics of local market conditions.