According to China Insurance Regulatory Commission chairman Wu Xiaoping, 34 foreign insurance companies had been approved to conduct business in China by the start of June, People’s Daily reported.
Foreign insurers operating in China had combined premium revenue of Yn3.2bn in 2001. In Shanghai and Guangzhou, the only two cities open to foreign insurers before this year, they accounted for 14.4 and 11.8 per cent of the life market respectively and 6.7 and 1.5 per cent of property insurance.