Foreign insurers' market share doubled in China

Foreign insurers' market share in the Chinese market has more than doubled over the past decade as the country has been stepping up the opening-up commitments in the industry, according to the president of Insurance Association of China.

Foreign insurers' market share has boosted from 3.5 percent in 2012 to 7.8 percent in 2021, said Yu Hua, president of Insurance Association of China, at the China International Fair for Trade in Services. Meanwhile, their market share in key cities such as Beijing and Shanghai has exceeded 20 percent.

The country's insurance market also saw a rapid increase. The premium income jumped from 1.55 trillion yuan ($224.6 billion) in 2012 to 4.49 trillion yuan in 2021, and its proportion in the global market also jumped from 5.34 percent in 2012 to 12.2 percent in 2021.

Jing Siying contributed to this story