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The Asian-Pacific Area is always an important market that every insurance giant wants to get at. From the year of 2013， several foreign insurance institutions have frequented their actions to enhance their presence in the Asian-Pacific market， especially the Chinese market.
By 2012， there had been foreign insurance companies from 16 countries and regions setting up 54 insurance institutions in China， accounting for 32.7% of the 165 insurance companies in China.
As the main insurance companies around the globe have entered China， the total volume of assets held by foreign insurance companies amounted to about RMB 300 billion， taking 4.2% of the total assets of the insurance companies in China.
It is also worthwhile to mention that foreign insurance companies had an increasing market share in China. The premium income of foreign insurance companies reached RMB 50.21 billion in the first three quarters of 2013， taking 3.7% of the entire market， 0.5 percent higher than the previous year.
In addition， the insurance industry of China was booming in 2013 as the profits of insurance companies totaled RMB 47 billion in the first three quarters of 2013， up 515.7% over the previ- ous year. Such a crazy increase is believed to be the main reason for foreign insurance companies’ increasing efforts in China.
Faster Development in China
Swiss Re’s report shows that the life insurance premium is expected to rise 3% in 2013， due to the driving force by the strong rebound of Asian emerging markets. Foreign insurance giants are all bullish on the high-speed growth and great potential of the insurance market of China.
On October 15， the world’s healthcare giant Bupa announced the spending of US$355 million to buy the largest private clinic networking service supplier in Hong Kong from India-based Fortis Healthcare Co.， Ltd. Such an acquisition undoubtedly improved its service ability in Hong Kong.
Not long before that， Zurich Insurance， which was fighting against the trouble brought by its CFO’s suicide， still spared time and efforts to improve their presence in the emerging markets.Two new senior executives were appointed. Geoff Rid Dell， president of Zurich Insurance’s Asian-Pacific， Middle East and Africa， as a member of its executive board， says that the new position as the chairman of Zurich Insurance in China can help the company grasp the important opportunities from China’s economic growth， with which Zurich Insurance can develop a wider network and increase its influence. Meanwhile， the company is going to improve its relationship with the government， regulatory departments and enterprises， so that it could follow up the latest movement in the laws， regulations and policies
According to Rid Dell， Zurich Insurance is going to set up five branches in China before 2016.
Seek the New Risks
Apart from the efforts in setting up more branches， the foreign insurance companies are also trying to dig up new profit growth points and develop the new business apart from the traditional ones.
In the underwriting of the professional insurance of special risks， foreign insurance companies sensitively detected the potential opportunities.
Dr. Thomas Blunk， a member of the directorate of Munich Re， says that the senior executives and directorate had the consensus about the potential and power of development in China two or three years ago and decided to bring more underwriting capacity and professional knowledge into China.
According to Dr. Blunk， Munich Re can earn the premium income of about 3.4 billion euros in the special types of insurance. The Germany-based insurance company has a low market share in the large and basic types of insurance， but assumes the global leading role in the agricultural insurance and credit guarantee insurance. In addition， it takes 20%-30% of the aviation insurance in the world.
As for the future plans of development in China， Dr. Blunk says： “We can promise the increasing investment into the Chinese market. We also hope to foster more specialists in the special types of insurance and get ourselgec more involved in China. As a reinsurance company， we not only provide services， but also selectively work with some companies in China to develop insurances products with plans.
By 2012， there had been foreign insurance companies from 16 countries and regions setting up 54 insurance institutions in China， accounting for 32.7% of the 165 insurance companies in China.
As the main insurance companies around the globe have entered China， the total volume of assets held by foreign insurance companies amounted to about RMB 300 billion， taking 4.2% of the total assets of the insurance companies in China.
It is also worthwhile to mention that foreign insurance companies had an increasing market share in China. The premium income of foreign insurance companies reached RMB 50.21 billion in the first three quarters of 2013， taking 3.7% of the entire market， 0.5 percent higher than the previous year.
In addition， the insurance industry of China was booming in 2013 as the profits of insurance companies totaled RMB 47 billion in the first three quarters of 2013， up 515.7% over the previ- ous year. Such a crazy increase is believed to be the main reason for foreign insurance companies’ increasing efforts in China.
Faster Development in China
Swiss Re’s report shows that the life insurance premium is expected to rise 3% in 2013， due to the driving force by the strong rebound of Asian emerging markets. Foreign insurance giants are all bullish on the high-speed growth and great potential of the insurance market of China.
On October 15， the world’s healthcare giant Bupa announced the spending of US$355 million to buy the largest private clinic networking service supplier in Hong Kong from India-based Fortis Healthcare Co.， Ltd. Such an acquisition undoubtedly improved its service ability in Hong Kong.
Not long before that， Zurich Insurance， which was fighting against the trouble brought by its CFO’s suicide， still spared time and efforts to improve their presence in the emerging markets.Two new senior executives were appointed. Geoff Rid Dell， president of Zurich Insurance’s Asian-Pacific， Middle East and Africa， as a member of its executive board， says that the new position as the chairman of Zurich Insurance in China can help the company grasp the important opportunities from China’s economic growth， with which Zurich Insurance can develop a wider network and increase its influence. Meanwhile， the company is going to improve its relationship with the government， regulatory departments and enterprises， so that it could follow up the latest movement in the laws， regulations and policies
According to Rid Dell， Zurich Insurance is going to set up five branches in China before 2016.
Seek the New Risks
Apart from the efforts in setting up more branches， the foreign insurance companies are also trying to dig up new profit growth points and develop the new business apart from the traditional ones.
In the underwriting of the professional insurance of special risks， foreign insurance companies sensitively detected the potential opportunities.
Dr. Thomas Blunk， a member of the directorate of Munich Re， says that the senior executives and directorate had the consensus about the potential and power of development in China two or three years ago and decided to bring more underwriting capacity and professional knowledge into China.
According to Dr. Blunk， Munich Re can earn the premium income of about 3.4 billion euros in the special types of insurance. The Germany-based insurance company has a low market share in the large and basic types of insurance， but assumes the global leading role in the agricultural insurance and credit guarantee insurance. In addition， it takes 20%-30% of the aviation insurance in the world.
As for the future plans of development in China， Dr. Blunk says： “We can promise the increasing investment into the Chinese market. We also hope to foster more specialists in the special types of insurance and get ourselgec more involved in China. As a reinsurance company， we not only provide services， but also selectively work with some companies in China to develop insurances products with plans.