Western insurers will gain access to the rapidly growing Rmb300bn ($47.6bn) Chinese motor market after Xi Jinping, the country’s designated next leader, agreed the move in the US last week.
The little-noticed deal was announced in a curt sentence in the joint statement of outcomes under the US-China Strategic Economic Dialogue, but analysts said it removed a key barrier to market entry.
Foreign-owned insurers have ostensibly been allowed to sell motor insurance in China for some time, but were restricted from selling the basic third-party liability policies that are the only compulsory element and form the base of all motor cover.
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